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Debt Consolidation Calculator V1
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Debt Consolidation Calculator V1 |
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When the typical debt-consolidation company advertises
that they can "save you money," what they are most often
referring to is simply a reduction in your total monthly
debt payments -- not a savings in the cost of paying
off your debt (interest charges). Sure, by consolidating
your payments into a single loan, you might be paying
one monthly payment that is smaller than the sum of
your current monthly payments, but if they stretch your
loan out for a longer period of time you could actually
end up paying more interest by consolidating. This calculator
will help you to determine whether or not consolidating
will actually reduce the cost of retiring your debts.
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.
IMPORTANT: In order for the this calculator
to work, each debt must have the four left-hand fields
filled in (for interest-free debts enter .001 just
to satisfy the required interest-rate entry). |
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Entry Columns |
Calculated Columns |
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# |
Payment
Description |
Principal
Balance |
Interest
Rate |
Payment
Amount |
Interest
Cost |
# of Pmts
Left |
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| 2 |
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| 15 |
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Totals |
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Consolidation Loan Terms |
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Enter the Consolidating Loan's Annual Interest Rate
(APR): |
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Enter the Consolidating Loan's term (number of years):
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Enter total of any Consolidation Loan Fees: |
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Results |
Without
Consol-
idating |
With
Consol-
idating |
Difference |
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Total of Monthly Payment(s): |
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Months until debts are paid off: |
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Total Cost (Interest Charges and Loan Fees): |
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Summary |
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| Easy Loan Choice - Services and Offers |
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