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Consolidating your debt is only half the battle. You still need a plan to pay your debt in full. This calculator can show you how to accelerate your debt payoff.
The process is simple; just apply a portion of the savings from your consolidated loan's monthly payment to the consolidated loan's balance. You could save hundreds or even thousands in interest, and shave years off of your loan!
The amount for your new consolidation loan. The default amount will be the total of all of your debts. You can increase or decrease this amount if you need to change the total amount of the loan.
The monthly payment for your new consolidation loan.
The Annual Percentage Rate (APR) that you will pay on your new consolidation loan.
The term, in months, for your new consolidation loan.
If you checked the "use credit card minimum payments" box, your monthly payment is calculated as 4% of your current outstanding balance. With the "use credit card minimum payments" box checked, your monthly payment will decrease as your balance is paid down. This can greatly increase the length of time it takes to pay off your credit cards. Uncheck this box to enter your own monthly payment that will remain the same until your balance is paid in full.
(The tool calculates your minimum monthly payment as 4% of your current outstanding balance. While your actual minimum monthly payment may be slightly different, this is one of the most common methods used by credit card companies to calculate minimum payments.)
Your total current balance for this credit card.
The annual percentage rate you pay for this credit card. The rate you enter is used to calculate the interest on all future credit card payments. The length of time to pay off this credit card may be much greater than calculated if you enter a low promotional interest rate that is only good for a short period of time.
This is your initial monthly payment. If you checked the "use credit card minimum payments" box, your monthly payment is calculated as 4% of your current outstanding balance. With the "use credit card minimum payments" box checked, your monthly payment will decrease as your balance is paid down. This can greatly increase the length of time it takes to pay off your credit cards. Uncheck this box to enter your own monthly payment that will remain the same until your balance is paid in full.
(The tool calculates your minimum monthly payment as 4% of your current outstanding balance. While your actual minimum monthly payment may be slightly different, this is one of the most common methods used by credit card companies to calculate minimum payments.)
Your total current balances for an installment loan.
The annual percentage rate you pay for this loan. Enter the current interest rate for this loan. This calculator assumes your rate will remain the same for the entire repayment period. The tool uses this to calculate the interest you will pay on this loan and the number of payments that are remaining.
This is your monthly payment. Enter the actual monthly payment for your loan, tool uses this to determine your payment totals and to calculate the remaining payments.
This is the calculated number of payments remaining for this loan. It is based on your current balance, payment and interest rate.
This is an additional amount you wish to pay each month, to more quickly pay off your debt. This amount is added to your normal consolidated loan payment.
