Debt Consolidation Calculator
| Debt name | Remaining balance | Monthly or min. payment | Interest rate |
|---|---|---|---|
| 1. Credit card 1 | % | ||
| 2. Credit card 2 | % | ||
| 3. High-interest debt | % | ||
| 4. | % | ||
| 5. | % | ||
| 6. | % |
Consolidation loan
| Loan amount: | $ |
| Interest rate | % |
| Loan term: | years months |
| Loan fee/points | % |
Debt Consolidation Calculator
Description:
The Debt Consolidation Calculator helps you determine whether combining multiple debts into a single loan is financially beneficial. By comparing the Annual Percentage Rate (APR) of your existing debts with that of a potential consolidation loan, this tool provides a clear picture of potential savings in monthly payments, total interest, and payoff time.
Key Features:
✅ APR Comparison – Evaluates the true cost of your current debts versus a consolidation loan, including fees.
✅ Monthly Payment Analysis – Shows how much you could save (or spend) each month after consolidation.
✅ Payoff Timeline – Estimates how long it will take to become debt-free under both scenarios.
✅ Total Interest & Cost Breakdown – Reveals whether consolidation reduces the overall amount paid in interest.
✅ Upfront Cash Flow Impact – Calculates any additional funds needed (or leftover) after consolidation.
How It Works:
- Enter Your Debts – Input balances, minimum payments, and interest rates for credit cards, loans, or other debts.
- Define Your Consolidation Loan – Set the loan amount, interest rate, term, and any fees.
- Calculate & Compare – Instantly see whether consolidation saves you money and by how much.
Who Should Use This Calculator?
✔ Individuals with multiple high-interest debts (credit cards, personal loans, etc.)
✔ Borrowers considering a debt consolidation loan or balance transfer
✔ Anyone looking to simplify payments and potentially reduce interest costs
Make an informed decision—see if debt consolidation is right for you! 🚀