Consolidation Loan Calculator

Debt Consolidation Loan Calculator Disclaimer/Terms of Use
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).
	Entry Columns				Calculated Columns
#	Payment Description	Principal Balance	Interest Rate (APR)	Payment Amount	Interest Cost	# of Pmts Left
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	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 Consol- idating	With Consol- idating	Difference
Total of Monthly Payment(s) (Initially)*:
Months until debts are paid off:
Total Cost (Interest Charges and Loan Fees):
Summary:

* 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.

Consolidation Loan Calculator Information

When considering consolidating loans, a number of factors need to be considered. Amongst these, you need to assess the change that the loan consolidation will have on both your monthly repayments as well as the total cost of the loan in terms of total interest and any consolidation loan fees. Some consolidation loans may infer that they are a low cost loan, however in some cases, the monthly repayments will be lower but the total cost of the loan may be higher. This calculator can help you calculate both of these factors when considering your options.

The calculator allows you to input up to 15 of your existing loans, including a loan description, the principle 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.

Disclaimer/Terms of Use: This calculator is provided for use free of charge. The provider of this calculator does not guarantee the accuracy of the calculator give any express or implied warranty as to its accuracy and we do not accept any liability for errors or omissions. The provider of the calculator is not liable for any damages (including, without limitation, damages for loss of business or loss of profits) arising in contract, tort or otherwise from the use of or inability to use the above calculator, or from any action or decision taken as a result of using this website or any such material. Reading, understanding and agreeing to this disclaimer is a condition of use of the calculator. Always seek professional advice before making any financial decisions.