#consolidate debt calculator
Should you consolidate your debt? This calculator is designed to help determine if debt consolidation is right for you. Fill in your loan amounts, credit card or credit line balances and other outstanding debt. You can then see what your monthly payment would be with a consolidated loan.
For more information about these these financial calculators please visit: Dinkytown Financial Calculators from KJE Computer Solutions, LLC
RESULTS_MESSAGE SAVINGS_MESSAGE **GRAPH**
Closing costs + lost interest*
*This amount is $0 if closing costs are included in the loan amount.
New Consolidation Loan
Total closing costs
The total of all current loan payments is CURRENT_LOANS_INITIAL_PAYMENT. This is based on the loans and payment information shown below.
Credit Card / Credit Line Summary
Loan balance Loan balance is the total remaining balance on a loan. If you are uncertain of your exact balance, enter an estimate that is as close as possible.
Loan payment The payment amount is your current monthly payment.
Remaining payments The number of months you have left to make payments on a loan. This is calculated from the interest rate, monthly payment and current balance of the loan.
Loan interest rate Annual interest rate for this loan. Interest is calculated monthly on the current outstanding balance of your loan at 1/12 of the annual rate.
Credit card / credit line balance The outstanding balance on your credit card. You do not need to include finance charges; they will be calculated based on your interest rate.
Credit card / credit line rate Annual interest rate you pay on outstanding credit card balances. This calculator assumes simple interest is charged every month at 1/12th of your annual rate.
Credit card payment Credit card payments are based on your outstanding balance and annual interest rate. For this loan comparison, the monthly payment is the amount required to pay off your credit card in the same number of months as your consolidation loan. Your actual credit card payment may be lower, but will often require many more payments.
Interest rate Annual interest rate for your new consolidation loan.
Term in months Number of months for your new consolidation loan.
Up front costs Any fees you are required to pay up front to receive this loan.
Rate earned on savings This is the rate of return you would expect to make on your closing costs, if you were to invest them. This could include appraisal fees, loan origination fees, etc.
The actual rate of return is largely dependent on the types of investments you select. The Standard & Poor’s 500 (S 1998-2016 KJE Computer Solutions, LLC
Financial Calculators at http://www.dinkytown.net
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KJE Computer Solutions, LLC’s information and interactive calculators are made available to you as self-help tools for your independent use and are not intended to provide investment advice. We cannot and do not guarantee their applicability or accuracy in regards to your individual circumstances. All examples are hypothetical and are for illustrative purposes. We encourage you to seek personalized advice from qualified professionals regarding all personal finance issues. More Information