Debt Consolidation Calculator

Using the Debt Consolidation Calculator

A debt consolidation calculator can provide valuable insights into whether consolidating your debts is the right choice for you. 

Here's how to accurately assess your total debts and what your debt consolidation loan payment would be using the calculator.

1. Enter Your Credit Card Debts
   • Card Balance - Input the total amount owed on each of your credit cards. You can itemize multiple credit card debts if needed by adding additional entries.
   • Interest Rate - Enter the annual percentage rate (APR) for each credit card.
   • Monthly Payment - Enter the current monthly payment amount for each credit card.
2. Enter Your Installment Debts
   • Loan Balance - Input the total amount owed on each of your installment loans (such as personal loans, auto loans, etc.). You can also itemize multiple loans by adding additional entries.
   • Interest Rate - Enter the APR for each loan.
   • Monthly Payment - Enter the current monthly payment amount for each loan.
3. Enter Consolidation Loan Details
   • Consolidation Loan Term - Input the term of the consolidation loan in months (ex. 36 months for a 3-year loan).
   • Interest Rate - Enter the expected interest rate for the consolidation loan.

Using this calculator, you can assess your current debt situation and the potential benefits of consolidating all your debts into one loan.