Debt Consolidation Calculator
This debt consolidation calculator compares the cost of all your current debts with consolidating them into one new loan to figure out how much you can save.
Simply enter all of the debts that will be consolidated, along with their corresponding principal balances, interest rates, and monthly payment amounts. Once you have all your debts entered then enter the new loan information below that. The "Calculate" button will provide the answers.
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How Much Can You Save By Consolidating Your Debt?
Debt piled high?
Wish there was a way out?
One possible solution is a debt consolidation loan. But will it actually save you money?
This Debt Consolidation Calculator will help you compare the costs of all your current debts – mortgages, credit cards, auto loans, student loans, and more – with that of a debt consolidation loan. No more guessing on the best choice – you’ll know with confidence!
Debt Consolidation Loans
Debt consolidation loans are simple. They allow you to combine all of your debts into one single debt, so you can pay one lender – making the debt payoff process easier. But will you save money with a debt consolidation loan?
Whether debt consolidation saves or costs you money is simply a matter of crunching the numbers. Fortunately, the Debt Consolidation Calculator makes the process easy. Compare consolidating versus not, and find out which method is most advantageous.
Debt Consolidation Disadvantages
Even though consolidating all of your existing credit commitments into a single monthly repayment might sound like a good idea, you must be aware of the potential disadvantages:
You may want to keep your existing loans, even if the payments are higher. Remember that, in some cases, you may actually pay more in interest over time with your new debt consolidation loan.
Benefits Of Debt Consolidation
The good thing about consolidating your loans is you get a chance to lower your monthly payments and possibly save interest. You can structure the loan so that your monthly payments are affordable by spreading them over a longer term so it’s easier to keep up. With only one payment to think about it should make budgeting easier.
4 Steps To Consolidate Your Debt
Step 1 – Gather Your Debt Details
Before you consolidate, you need to know the following for each credit type:
Step 2 – Explore Your Options
Now that you know how much debt you’re facing, it’s time to look at your options for consolidating your debt.
Shop around to see who offers the lowest interest rate with the most flexible payoff options. Always ask for quotes from different companies and look for a debt consolidation program that suits your needs.
After acquiring quotes from different lenders, go through them carefully (paying attention to the fine details) and choose the program that offers the best combination of low interest rate and low fees when compared to your current debts.
Step 3 – Apply For Debt Consolidation
Apply for the best consolidation program based on your research. Your application processing may take several days to several weeks so make sure you budget sufficient time.
Step 4 – Stick To Your Commitment
Get out of debt by changing your habits. You need to commit to your planned solution and stick to it. You should keep up with your payments so you will be able to pay off your loan. The trick is to pay as much as you can afford each month so you will get out of debt sooner.
Living Without Debt
Once you’re out of debt, here are a few tips to keep you out!
This loan consolidation calculator reveals exactly the right course of action. Don’t make a financial decision without doing the math first. Making the right choice helps you escape debt sooner, enabling you to pursue many more worthwhile financial goals. Take action today!
Debt Consolidation Calculator Terms & Definitions
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