*Note: The results from this debt consolidation calculator should be used as an indication only. It is a rough guide only for ease in simulation. Due to responsible lending obligations not everyone qualifies for credit. Speak to your finance broker or credit provider to find out whether this strategy is right for you.
Total Repayments$0 per month
New Monthly Payment$0
You could save$0 per month
A debt consolidation loan can be a good tactic for tackling debt. However, not everyone qualifies and though there are benefits, there are also drawbacks. Before committing to any type of debt reduction strategy, make sure you are aware of all options – Learn more about and compare different debt relief strategies here.
The main difference between the two calculators is based on the difference in debt. Credit cards are a revolving line of credit based on available balance . Debt consolidation calculators are generally geared to a personal loan across a set rate and end date.
There are numerous websites and services that provide a variety of debt payoff spreadsheets. Microsoft Office provides a range of free templates – https://templates.office.com/
Dealing With Debt Provides a free debt calculator which compares the different debts you insert into the calculator versus a new loan. It highlights potential savings or increase for those who want to pay more and get out of debt sooner.
By using a debt consolidation loan calculator, you can quickly compare the savings of taking on a new loan versus the combined debt you’d like to consolidate.
Note – debt consolidation is simply the restructuring of debt. Savings are created by paying back less interest and fees. Consider the interest rate, the fees, and how long it will take to pay it off.