Debt Consolidation Calculator
Looking to pay off a ton of unsecured debt? Our calculator is the best tool for calculating various types of high interest debt. You can discover how much you will save if you consolidate it into one loan.
Just input the minimum monthly payments, current balance, and the interest rates for the following types of debt:
- Line of Credit
- Credit Card
- Other Debt
Simply click on the ‘Add New Debt’ button to add as many types of debt as you need.
Now you choose the interest rate. Representing the rate of interest for your future loan, this calculator will show you how much you save by consolidating your debts. Your choices are 12% and 20%. Next, you choose the terms. These represent the length of the loan in the future. Your choices are 1 and 10 years.
After clicking the calculate button, you are able to see how much you can save by consolidating. Do this once you have completed all the fields required.
The ‘Debt Repayment Information’ heading will show you the interest you pay if you decide to pay the debt off on your own. You will also be able to see the interest, total cost of minimum payments versus consolidating your loans, and the amount of principal. You can see how soon you will be free financially, while learning how much you save in interest by paying a consolidated loan.
You can view various debt relief options and interest costs under the ‘See Your Options’ Heading, these options include:
- Debt Settlement
- Credit Counseling
- Repay Debt Yourself
- Consumer Proposal
- Debt Consolidation
Get your free savings estimate by clicking the button at the bottom of the calculator. This will also help you find the best debt solution for you.
Debt consolidation is when you take out one loan to pay off your debt, then you are left with a single loan payment.
There are several advantages to consolidating your debt. For starters, only a single monthly payment is due. And it is honestly lower than the total amount you’d have to pay otherwise. These loans are often lower on interest rates. This frees up the potential to save thousands of dollars in interest rates over the lifespan of your debts.
Though it doesn’t work for everyone, debt consolidation is a great financial solution. It tends to bare the greatest benefits allowing you to pay the minimum amount monthly of all your individual debts, while owing less than $10,000 in consumer debts.
If you find yourself in the position of having credit issues as well as damaged or bruised credit, you could find yourself having issues with debt consolidation. You may be forced to pay a higher interest, or have your application turned down completely. However, there are still other great debt relief options available to help you.
Have the debt consolidation calculator on your website for free!
Do you think your visitors will find this calculator useful? You are able to easily, and quickly, add the debt consolidation calculator to your website by going to the debt widgets page on our website. This can help you see how much you save by consolidating.