Consolidation Loan Calculator
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Debt Consolidation Loan Calculator The consolidation loan calculator is a useful tool to see if it is worth consolidating your loans. The calculator will let you know not only the difference between the monthly payments of consolidating verse not consolidation your loans, but will also let your know the total cost of the two options in terms of interest charges and any consolidation loan fee, as well as the months until the debt is paid off for both options. Start with the first line of the entry columns below. Input each of your loans by inputting their balances, interest rates and monthly payment amounts. As you fill in the inputs for each of the loans in this fashion, the calculator will automatically calculate the interest cost and the number of payments left for each of your loans. Once you have done this, click the "Compute Current Debt Cost" button. To then calculate the information that compares your existing loans to the option of consolidating your debt, enter the information on your consolidation loan in terms of the annual interest rate (APR), the loan's term and any consolidation loan fees. Click the "Compute Consolidation Loan Costs" button and you will see the full results of the calculator. NOTE: To allow the calculator to work, each loan needs to have the four left-hand entry columns entered (if any of your loans are interest-free debts, simply enter .001 to satisfy the requirement of an interest-rate entry).
* Total of Monthly Payment(s) is for the current period: The calculator assumes that in the consolidation loan, your monthly payments will be constant until the final payment. In your unconsolidated debts, your monthly payments may become less before the total months until the debts are paid off. This is because some of your loans may be paid off before others. The monthly payment for each loan is constant as shown in the Payment Amount column of the individual loans entry columns above. After a loan is paid off, as indicated by the calculated # of Pmts Left column above, your monthly payments will reduce by the payment amount listed for that loan. That is, under the option of not consolidating your loans, it is assumed that a loans payment amount is not contributed toward other loans once the loan has been paid off. Under the option of not consolidating your debts, the months until debts are paid off indicates the time until your final debt has been paid off.
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Consolidation Loan Calculator Information
The calculator allows you to input up to 15 of your existing loans, including a loan description, the principal balance, the interest rate and your monthly payment amount. As you input the details of each loan, the calculator will automatically calculate the interest cost and the number of payments for each loan as well as the total for all your input loans. To consider the effect of a consolidating loan, input the loan's annual interest rate (APR), the loan term and the consolidation loan fees. You can then calculate information that can compare your debt with and without consolidating your loans.
The calculator will report the total monthly payments for the current period for both options, the months until your debts are paid off and the total costs. Here you should get a picture of how feasible the consolidation process is. You can then also create a printer-friendly report that will display a report of this information in a printer-friendly manner to keep your a paper record of your calculations.
Please understand that this is a general calculator. Each specific loan and consolidation option may have different costs, fees, interest calculation methods and tax implications as well as other differences. This calculator can be used to get a basic idea of the feasibility of debt consolidation, however, you should always have a professional perform a more detailed calculation relating to your exact situation, loans, and consolidation options when looking at a specific debt consolidation scenario.
