When the typical debt consolidation company advertises that they can "save you money," what they are most often referring to is simply a reduction in your total monthly debt payments -- not a savings in the cost of paying off your debt (interest charges). Sure, by consolidating your payments into a single loan, you might be paying one monthly payment that is smaller than the sum of your current monthly payments, but if they stretch your loan out for a longer period of time you could actually end up paying more interest by consolidating. This calculator will help you to determine whether or not consolidating will actually reduce the cost of retiring your debts.

Instructions: Starting with the first line of entry fields, enter each one of your debts, along with their corresponding principal balances, interest rates and monthly payment amounts (the last two columns will be filled in by the calculator). Once you have entered all of the debts you wish to consolidate, click on the "Compute Current Debt Cost" button. Next, enter the consolidating loan's interest rate, term and any origination fees that might apply and click the "Compute Consolidation Loan Costs" button.

IMPORTANT: In order for the this calculator to work, each debt must have the four left-hand fields filled in (for interest-free debts enter .001 just to satisfy the required interest-rate entry). Also, be sure to enter only numbers and decimal points in the numeric entry fields. Dollar signs, percent signs, commas and spaces will cause a JavaScript error.

Using a debt consolidation calculator can help you figure out how much you can save by consolidating your debts and if it would be worthwhile to consolidate your debt.

Top Recommended Companies To Refinance With:
(updated ):

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Disclaimer: This information is provided with the understanding that the authors and publishers are not providing legal or financial advice. ABC Loan Guide assumes no responsibility for the completeness or accuracy of the information represented on the website. The content provided on this website is based on information available at the time of publication. ABC Loan Guide does not resume to advise people about their personal financial situation. All companies recommended or mentioned on ABC Loan Guide are either affiliated with ABC Loan Guide or are sponsored ads.

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