Debt Consolidation Calculator – AllLoanCalculator.com

Debt Consolidation Calculator

Calculate how much you can save by consolidating multiple debts into one

$25,000
18.5%
12.5%
3 Years
Your Debt Consolidation Results

Monthly Savings

$0

New Monthly Payment

$0

Total Interest Savings

$0

Time Saved

0 Months

Find Debt Consolidation Options

How to Use the Debt Consolidation Calculator of All Loan Calculator

Hello and welcome to All Loan Calculator. This guide will show you how to use our Debt Consolidation Calculator. This tool is for anyone who has multiple debts and feels overwhelmed. It helps you see if combining all your debts into one new loan is a smart financial move. Knowing your numbers can help you simplify your payments and save money.

What is the Debt Consolidation Calculator

The Debt Consolidation Calculator is a free tool on our website. You use it to compare your current multiple debt payments with one new consolidation loan payment. You type in the details of all your current debts and the new loan you are considering. The calculator then shows you if the new loan will save you money each month and in total interest.

Step 1: Find the Calculator

First, go to the All Loan Calculator website. Look for the tool called “Debt Consolidation Calculator.” You can find it on our main page. Click on it to open the tool. You will see a section to list your current debts and a section for the new loan.

Step 2: Enter Your Current Debts

You will see a list or a form where you can add each of your current debts. For each debt you have (like credit cards, personal loans, etc.), you will need to enter three pieces of information:

  • Current Balance: The total amount you still owe.
  • Interest Rate: The annual percentage rate (APR) for that debt.
  • Monthly Payment: The minimum payment you make each month.

For example, if you have a credit card with a $5,000 balance, an 18% interest rate, and a $150 monthly payment, you would enter those numbers. You can usually click an “Add Debt” button to include all your different debts.

Step 3: Enter the New Consolidation Loan Details

Next, find the section for the “New Loan.” Here, you will enter the details of the potential consolidation loan you are considering. You will need:

  • New Loan Amount: This should be the total of all your current debt balances combined.
  • New Interest Rate: The annual interest rate offered for the consolidation loan.
  • New Loan Term: The length of the new loan in months or years (e.g., 36 or 60 months).

Step 4: Click the Calculate Button

After you have filled in all the information for your current debts and the new loan, find the “Calculate” button. Click on it one time. The calculator will process all the numbers and show you a detailed comparison.

Understanding Your Results

The results page is the most important part. It will show you a clear side-by-side comparison.

1. Your Current Situation:

  • Total Monthly Payment: This is the sum of all your current minimum monthly payments.
  • Total Interest to Pay: This is the total interest you will pay if you only make minimum payments on your current debts until they are paid off.

2. Your New Consolidation Plan:

  • New Monthly Payment: This is the single payment for the new consolidation loan.
  • Total Interest to Pay: This is the total interest you will pay over the life of the new loan.

The calculator will clearly show you the difference. You can see if your monthly payment is lower and, most importantly, if the total interest you pay is less. It will also show you your “Breakeven Point”—how long it takes for the monthly savings to cover any fees associated with the new loan.

Why This Calculator is Helpful

This tool helps you make a decision based on facts, not just feelings. It shows you if consolidation will truly save you money and simplify your financial life. You can test different new loan interest rates and terms to find the best option for your budget.

Using the Debt Consolidation Calculator is that simple. In just a few steps, you can see a clear path to managing your debt. Visit All Loan Calculator today and try it for yourself. Take the first step towards a simpler and more affordable financial future.

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