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Tired of juggling multiple credit card bills, personal loans, and other debts every month? Our debt consolidation calculator can simplify your repayment strategy by estimating how much you could save on interest by consolidating your debt into a single loan. Input your information below to see whether a debt consolidation loan might be the right financial move for you.
Use our free debt consolidation loan calculator to get an at-a-glance comparison of your current payments versus a new consolidated plan. By consolidating, you might combine multiple high-interest debts into one manageable monthly payment.
| Existing debts | Consolidation loan | |
|---|---|---|
| APR | - | - |
| Monthly pay | - | - |
| Time to payoff | - | - |
| Upfront cash | - | - |
| Total interests | - | - |
| Total payments | - | - |
| Saving | - | - |
Total Payments
Debt consolidation can potentially lower your overall cost and help you stay organized. To see how it works, simply fill in the details of your existing debts (balances, interest rates, and current monthly payments) alongside the loan terms you’re considering for consolidation. The calculator will show you:
Use these insights to weigh the pros and cons of consolidating your debts. If the numbers show that consolidation could offer significant savings or a shorter repayment period, you’ll know it’s a step worth exploring further.
Getting started with our debt consolidation payment calculator is straightforward:
List Your Debts
Collect information about each outstanding balance: credit cards, personal loans, store financing, or medical bills. Make note of each balance, current APR (interest rate), and minimum monthly payment.
Enter the Proposed Consolidation Loan
If you’re considering a new loan to roll all your debts into one, enter the loan amount (usually the total of all your combined debts), the anticipated interest rate, and the repayment term (in years or months).
Click “Calculate”
The calculator will run the numbers to show you the new monthly payment, total interest costs, and how it compares to your current setup. You’ll also see how much you stand to save. In some cases, consolidating may not reduce your overall expenses.
Review the Comparison
Look at the difference between your old monthly payments combined and the new single payment. Also, compare the total interest you’ll pay over time. This step helps ensure that consolidation actually saves you money, rather than extending the repayment term so much that you pay more interest overall.
Run Different Scenarios
Feel free to adjust the numbers to see how various interest rates or repayment terms affect your total cost. You might find that a slightly shorter term could help you save thousands in interest, or that a lower APR loan is worth pursuing even if it requires excellent credit.
Debt consolidation is a strategy where you take out one consolidation loan (often at a lower interest rate) to pay off multiple existing debts. Instead of dealing with several due dates and varying APRs, you’ll have one monthly payment and a single interest rate to track. This approach can streamline your finances, reduce your monthly obligations, and, in many cases, lower the total amount of interest you’ll owe over time.
Here’s a simplified example of how it could work:
Combined, these debts might carry a total monthly payment of $500 to $600, depending on your minimums and any extra payments.
Under this scenario, your new monthly payment could drop to around $370, saving you on interest charges while simplifying your payment schedule.
Keep in mind that while consolidation has the potential to lower your interest rate, eligibility and terms vary based on factors like credit score, loan type, and lender requirements.
Consolidating can be a good idea if you can secure a lower interest rate than you’re currently paying. This means more of your monthly payment goes toward reducing your principal rather than paying interest. It also makes budgeting simpler because you have just one payment to manage. However, you will want to confirm that the new loan’s fees or a lengthened repayment term don’t offset the benefits of a potentially lower APR. Use our credit card consolidation calculator to compare total interest over various repayment schedules before committing.
One potential downside is that extending your repayment period could mean paying more interest over time, even if your monthly payment goes down. Additionally, taking out a new loan might affect your credit score temporarily, especially if you close older credit accounts. Some lenders also charge origination fees. Always weigh these factors against potential savings, and consider any impact on your credit utilization and financial goals.
Yes, you generally can, but it’s often discouraged until you’ve paid down your consolidated debt. Continuing to use credit cards while carrying a large consolidation loan could lead to deeper debt. If you keep your cards active for credit score purposes, try to limit or avoid new charges. Focus on paying off your consolidated balance first to ensure you don’t undo the progress you’ve made.
Want more resources to help you stay on top of your finances? Check out these additional calculators and guides from OpenCashAdvance:
Each tool is designed to offer clarity on different aspects of borrowing and budgeting. Explore them to gain deeper insights into interest costs, repayment timelines, and how to manage multiple financial obligations effectively.