Debt Consolidation Calculator
One of the quickest ways to save money on interest and get out of debt faster, is through a debt consolidation. Using a debt consolidation calculator, you can quickly establish how much you will save in interest repayments and what your new monthly repayment figure will be.
Often times your consolidation loan will have a lower interest rate with a lower minimum repayment figure than that of all your other debt repayment amounts combined.
If you can then take those savings and add them to your new minimum repayment amount (paying more than the minimum), you should get out of debt quicker, saving even more in interest payments.
Below are some links to different types of debt consolidation calculators for you to use.
Comparison calculator to compare current total debt and average interest rate versus a new consolidation loan and interest rate.
Credit Card Repayments Calculator to see how much quicker you can pay off debt if you make a higher repayment amount.
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4 Comments
Do you have a debt consolidation calculator that will allow me to add in 5 debts. Like 2 personal loans and 3 credit cards?
Thanks
Nice comparison calculator, it really helped me with looking at my debt and what rate I need to save some money
Great debt calculators and tip on reinvesting the savings from a debt consolidation into the new repayment. I’d also suggest cutting up the credit cards you paid off and closing off any loans.
Nice blog, thanks for sharing. 🙂