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Debt Consolidation Calculator (Loans & Credit Cards)

Elizabeth Johnson

Financial Advisor
Updated: 01/2020

Debt Consolidation Calculator

With the new year right around the corner, more and more consumers are setting forth their goals to achieving financial freedom and eliminating their debt. However, for some people, they are harboring too much debt and experiencing too much financial stress. Now, if that sounds like you, there is no need to panic. There are many different credit card relief programs that are designed to help consumers like you. One of these programs is more formally known as credit card debt consolidation, perhaps you might have heard of it.

What is debt consolidation?

Debt consolidation loans are a fantastic means for consumers seeking to organize their total debt and create a game plan to pay it all off. You might be asking how? Debt Consolidation allows consumers to take all of their debt and merge it into one nicely organized loan and one monthly payment, with reduced payments and interest rates. For a lack of better words, you might look at debt consolidation like the refinancing your home, but for debt!

What are the benefits of Debt Consolidation?

If you might imagine, by merging together all of your debt, it presents quick a few unique benefits and new opportunities. For example, by consolidating all unsecured debt, it can easily reduce the financial stress and burdens that are typically felt when it comes to managing multiple monthly bills or payments. On top of this, with a decrease in one’s interest rates, it can make financial matters even better. Moreover, through enrolling in debt consolidation, consumers can receive professional feedback and advise from professionals in the industry, include bankers or debt experts. Since these experts are trained and educated in debt, they can offer feedback on minimizing and even eliminating any debt. We would like to highlight though that, because of the nature of these loans, debt consolidation is typically more difficult to be accepted into.

Now, when it comes to understanding debt consolidation, there is one tool available to help consumers understand the impacts, benefits, and potential disadvantages of debt consolidation: a debt consolidation calculator.

Is Debt Consolidation Worth It?

Anyone who has budgeted their life and personal finances has employed the use of a calculator – the same is true for considering debt consolidation. If you are planning on having a truthful view of your debt, you can use a debt calculator. Through utilizing a debt consolidation calculator, you can measure all the different variables with your personal finances, as if you were to sign up for the debt consolidation program. In other words, consumers can prepare for the many different risks and circumstances by utilizing a debt consolidation calculator. This can prove to be extremely beneficial when you consider how debt consolidation works.

Remember, since debt consolidation is merging all total debt into one loan, by using a debt consolidation calculator, you can measure what your anticipated interest rates may be, what your monthly payments would be, or how long it would take to pay off your loan, or consolidation. In our expertise, individuals who invoke the power of these calculators gain greater insight and have a greater likelihood of paying off their debt consolidation loan quicker. Those who do not take the time may fall behind, miss red-flags, or simply end up selecting a plan or company where they pay more money out of pocket than anticipated.

In some cases, consumers can utilize debt consolidation calculators to their advantages during the negotiation process. When negotiating with companies, you can use the calculator to place your best interests first, figure out the best possible interest rates, and potentially get high fees waved. On top of this, if a consumer shows their dedication to paying off debt by demonstrating their ability with a debt consolidation calculator, it may speak volumes to the company. So, it’s clear that a debt consolidation is most certainly worth it. Read more about this method and other methods on how to get out of debt.

The 8 Different Debt Consolidation Loan Calculators

AARP Debt Consolidation Calculator

In the debt consolidation industry, there are not many calculators like AARPs, or the American Association of Retired Persons. This debt consolidation calculator gives consumers the ability to input personal finance, including different debt, interest rates, and even loan terms in efforts to measure each specific circumstance. In other words, with AARP Debt Consolidation Calculator, consumers can track exactly how long it will take to pay off a consolidation loan with their specific circumstances. The best part about this calculator is the unique bar graph features.

BankRate Debt Consolidation Loan Calculator

Out of the many different debt consolidation calculators available on the internet today, BankRate offers one of the most comprehensive tools. For beginners, you will be able to use BankRate’s calculator to predict precisely how much money a consolidated loan will be, how long it will take to pay, and the estimated interest rates, including fees and other hidden charges. In fact, consumers have the ability to customize their entries from different fees, like origination fees to even interest rates. The comprehensive features continue where you may include different types of unsecured debts ranging from credit cards to even car loans. Debt Consolidation Calculator

We could not share a list of great debt consolidation calculators and not talk about! This website is known for all the different calculators hosted on their website, which happens to include debt consolidation. What we particularly enjoy about this website’s calculator is their inclusive design, where everything can be calculated on one panel. You can easily label the type of debt you are inputting, specify the remining balances, monthly payments, or even interest rates. Now, it’s clear that’s debt consolidation calculator was not designed by a financial guru; however, the simplicity of this calculator is what makes it appealing. In fact, we highly advise individuals that are new to debt relief programs and debt consolidation to begin with’s debt consolidation calculator. The best part is, if you are ever looking for any other financial calculators, this website can help with mortgage calculators, auto loan calculators, and even investment calculators.

Calc XML Debt Consolidation Calculator

If you are in a position of carrying many different debts and figuring out whether debt consolidation is a viable option for you, the Calc XML debt consolidation calculator will become your future best friend. This website, which is ironically not a finance website, offers a strong calculator with some great options. For beginners, there are two different settings with Calc XML. There is one where the individual can enter the estimated interest rate along side the anticipated consolidation loan length. After you fill out this setting, you will be sent to the second portion where you will be required to fill out information regarding your total debt. You will be asked to share information regarding your current monthly payments, interest rates, and even the total current balance. As you will see in this section, this debt consolidation calculator is most certainly designed for the most complex of debt consolidation situations. You have the ability to enter four different credit cards, car loans, and even three additional loans. Read more about how to pay off credit card debt fast.

Chase Debt Consolidation Loan Calculator

At the pinnacle of the financial industry, there are only a few companies that stand tall and proud- and Chase is one of them. This company is one of the most reputable financial companies in the world. Given their size and stature, it should not be a surprise that they offer both debt consolidation services, and a handy, and free, debt consolidation calculator. After playing with their calculator for a little bit, it’s clear that consumers can use their tool to save money and become aware of the best possible consolidation deal. The moment you open the debt consolidation loan, it is going to ask you about your existing installment loans. In order to receive the best information, you should fill out as much information as possible, including your current debts, payments, and interest rates. This reliable debt consolidation calculator is probably one of the most comprehensive debt consolidation calculators available for consumers. In fact, the number of variables that Chase allows consumers to include is quite impressive!

Huntington Debt Consolidation Calculator

If you are looking for another prominent financial lender in the United States of America, it’s Huntington. On top of their impressive financial services, they also have a free debt consolidation calculator that is most certainly worth spending some time before opening a debt consolidation loan. Reason being, this company’s tool can really help consumers get clear with their personal finances. The best part about this calculator is that it does not require individuals to fill-out multiple pages – it’s as easy as 1, 2, and 3! For beginners, you will enter in all the information requested by Huntington. They will ask for your monthly payments and current balances. In addition to the single page feature, another great function of Huntington’s debt consolidation calculator is that you can enter as many debts as you have. Once you enter all this information, you will have the opportunity to share you interest rates, length of the consolidation loan, and other applicable information. Once you do enter all the information, note that all your results will appear on the same exact page. While it may not be comprehensive, this debt consolidation calculator is a great tool to help individuals get their feet wet.

Lending Tree Debt Consolidation Calculator

If you are in the market for a simple debt consolidation calculator that can provide you with the valuable information that you need in a quick and easy manner, Lending Tree’s debt consolidation calculator may be perfect for you. In our opinion, this calculator most certainly has its benefits, but it’s much simpler than other calculators, like SunTrust’s. With this calculator, consumers can enter the most primitive information, including interest rates, loan terms, and loan amounts. From there, you can generate different monthly payments, almost like estimating a car loan or payment. The best part about Lending Tree’s debt consolidation calculator is the simplicity and fast results.

SunTrust Debt Consolidation Calculator

In our opinion, out of the many different debt consolidation calculators that we are featuring, the SunTrust Debt Consolidation Calculator is probably the best possible tool for consumers. For background purposes, SunTrust is a prominent financial institution in the United States, offering some of the best services, including debt consolidation. With, SunTrust’s debt consolidation calculator has three different categories or information sections that must be filled out: Loans, Credit Cards, and Consolidation Loan. In the loans section, consumers will share information regarding specific loans, including car loans, boat loans, students’ loans, and other applicable loans. In the credit card section, consumers will have the opportunity to share all their credit card statistics, including amount owed and interest rates. Now, the most unique and beneficial feature of this calculator comes from the third section, or the consolidation loan section. Here, you can enter a wealth of information, including:

  • Loan Type
  • Interest Rate
  • Months to Pay Off
  • Upfront Costs
  • Discount Points
  • State and Federal Tax Rates
  • Savings Rates

Based on all the information you provide, SunTrust can give consumers the best and most precise information. In our opinion, we particularly enjoyed the barograph feature as it truly accentuated the parts we cared about the most. With that being said, this is most certainly one of the best debt consolidation calculators.

Utilizing Debt Consolidation Calculators Before Picking a Company

In today’s article, we shared a variety of different debt consolidation calculators that consumers may utilize. You can also use a general payoff debt calculator to determine how long it will take without a consolidation loan. We understand that signing a contract for a debt consolidation loan is an extremely risky and a major financial endeavor. In light of this, if you want to secure the best possible deal, it’s important to do research and take this seriously.

So, now, before you are quick to picking any debt consolidation company, we highly suggest taking the time to utilize multiple debt consolidation calculators to track the best possible loan and deal. These tools might even highlight areas or issues that are otherwise not discussed by companies.

Elizabeth Johnson

Elizabeth is an expert on Debt Consolidation as she provides helpful advice to people who are dealing with debt problems. She graduated college with a BS in Finance. After college, she took a job working at a non-profit debt counseling program. It was at this position where Elizabeth honed her expertise for helping people understand how different financial products work and finding ways to help people pay off their debts.