Advanced Debt Consolidation Calculator I

You'll get many debt consolidation companies claiming they will "save you money and reduce your debt by upto 50%." What they really mean by "saving you money" is that they will lower your current monthly payments by consolidating all of your debts into 1, but with a longer amortization period. This means you will pay a lower monthly payment but for a longer period of time (years). This actually means you will end up paying more interest charges & fees over the longer term but with a lower monthly payment every month.

Use this advanced Debt Consolidation Calculator Version I to determine whether the benefits of debt consolidation really outweigh the costs over the longer term. Enter each of your debts (#1 to #15) into the fields along with your Current Principal Balances, Related Interest Rate, Current Monthly Payment Amount and leave the rest to the calculator. Click on "Compute Current Debt Cost" and this will calculate all of your debts that you currently owe. Then, enter the Interest Rate & Amortization term (# of months or years) that your debt consolidation company is offering you. Also, enter any costs of setting up your consolidation account as well as lender fees, closing costs, etc.

  Entry Columns Calculated Columns
# Payment
Description
Principal
Balance
Interest
Rate
Payment
Amount
Interest
Cost
# of Payments
Left
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
  Totals  
Loan Consolidation Terms:
Enter the Consolidating Loan's Annual Interest Rate (APR):
Enter the Consolidating Loan's term (number of years):
Enter total of any Debt Consolidation Loan Fees:
Results Without
Consol-
idating
With
Consol-
idating
Difference
Total of Monthly Payment(s):
Months until debts are paid off:
Total Cost (Interest Charges and Loan Fees):
Summary