Debt Consolidation Calculator
When considering colidating your debts, one issue that you need to be aware of is what is meant by a debt consolidation being able to "save you money". Typically, what is meant is that you can save money on your monthly debt payment. However, you may not save money in the long-run because your debt may cost more in accrued interest. With this debt consolidation calculator, you can calculate whether or not you might be able to save money by consolidating your debts. Also, beware that if you have debt management problems, a debt consolidation loan may not be a wise decision. You should speak with a profession debt management councelor to get advice on how to manage your debt.
Instructions: 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 "Calculate Current Debt Cost" button. Next, enter the consolidating loan's interest rate, term and any origination fees that might apply and click the "Calculate 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). Also, be sure to enter only numbers and decimal points in the numeric entry fields. Dollar signs, percent signs, commas and spaces will cause a JavaScript error.