Debt Consolidation Loan Calculator - Should I Consolidate My Debt?
Should you consolidate your debt? This calculator is designed to help determine whether debt consolidation is right for you. Enter your credit cards, auto loans and other installment loans balances by clicking on the "Enter Data" button for each category. Then change the consolidated loan amount, term or rate to create a loan that will work within your budget. Click the "View Report" button for detailed results.
Your consolidated payment is NEW_LOAN_PAYMENT, which is MONTHLY_PAYMENT_SAVINGS per month.
With a new consolidated loan of NEW_LOAN_BALANCE your monthly payment is NEW_LOAN_PAYMENT. This is MONTHLY_PAYMENT_SAVINGS than your currently monthly payment of MONTHLY_PAYMENT. The total interest payment for the new consolidated loan would be INTEREST_NEW. With the new consolidated loan you pay MSG_NEW_INTEREST_SAVINGS in interest.
Current Loans and Credit Cards
The total of all current loan payments is MONTHLY_PAYMENT. This is based on the loans and payment information shown below.
New Loan Payment Schedule
Information and interactive calculators are made available to you as self-help tools for your independent use and are not intended to provide investment advice. We can not and do not guarantee their applicability or accuracy in regards to your individual circumstances. All examples are hypothetical and are for illustrative purposes. We encourage you to seek personalized advice from qualified professionals regarding all personal finance issues.