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Debt Calculators

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Debt Consolidation Calculator

 


This calculator is for determining whether or not consolidating your debt with a debt consolidation loan will actually end up saving you money overall, or just costing lots of money in interest charges over a longer period of time.

Instructions:
Starting with the first line of entry fields, enter each one of your debts, along with their corresponding principal balances, interest rates and monthly payment amounts (the last two columns will be filled in by the calculator). Once you have entered all of the debts you wish to consolidate, click on the "Compute Current Debt Cost" button. Next, enter the consolidating loan's interest rate, term and any origination fees that might apply and click the "Compute Consolidation Loan Costs" button.  Do not type dollar signs, percent signs, commas, or spaces.

Entry Columns

Calculated Columns

#

Payment
Description

Principal
Balance

Interest
Rate

Payment
Amount

Interest
Cost

# of Pmts
Left

1 $ % $ $
2 $ % $ $
3 $ % $ $
4 $ % $ $
5 $ % $ $
6 $ % $ $
7 $ % $ $
8 $ % $ $
9 $ % $ $
10 $ % $ $
11 $ % $ $
12 $ % $ $
13 $ % $ $
14 $ % $ $
15 $ % $ $
 

TOTALS

$   $ $

Consolidation Loan Terms

Enter the Consolidating Loan's Annual Interest Rate (APR):

Enter the Consolidating Loan's term (number of years):

Enter total of any Consolidation Loan Fees:

Results

Without
Consolidating

With
Consolidating

Difference

Total of Monthly Payment(s):

Months until debts are paid off:

Total Cost (Interest Charges + Loan Fees):

Summary

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