If you're trying to get out of debt and you owe a number of creditors, it may be a good idea to consider a debt consolidation loan. Debt consolidation loans can help you get out of debt faster, and they may also help you reduce the total amount of money that you owe thanks to lowering your interest rate.
This may seem like an unconventional method, but it has worked for thousands of people. Consumers are able to replay multiple loans while reducing their interest rates by consolidating their debts. Some consider debt consolidation as a form of debt refinancing. Debt calculators are an important tool for consumers to understand the different implications of debt consolidation.
Why Should You Try a Debt Loan Calculator?
A debt calculator allows a person to have a realistic view of their finances. It can paint a clearer picture of how a person can pay back their loans in smaller and more manageable instalments within a specific, and shorter, time frame. Debt calculators help borrowers arrive at an exact sum that they can commit to paying each month. As a result, it helps to simplify the sometimes complex calculations that consumers need to make in order to properly budget for their loans. .
Debt consolidation allows consumers to work with a single company to obtain lower interest rates and monthly payments, rather than dealing with multiple creditors and multiple rates. This dramatically increases the possibility that you can lower your monthly payments and avoid late fees on loans you’ve having a hard time keeping up with.
In certain cases, a debt consolidation loan calculator can help get you in a better position to negotiate lower interest rates and have penalties and surcharges waived. Debt calculators give you the hard numbers that you need to persuade your creditors that there is a firm limit to what you can afford to pay. After all, creditors are interested in getting paid back, so understanding how the numbers work on that is a vital piece of information.
Of course, getting your debts consolidated also means being committed to paying the amount agreed upon, and paying at the designated time. Failure to pay this time could have serious repercussions, and you may even lose the chance at being able to pay off all your loans and debts – and clearing your history of bad debt.
The Benefits of Debt Consolidation Loans
Many people who have a large amount of debt owe several different creditors. In addition to owing money to a variety of credit card companies, people may also have medical bills or be paying off a car loan. A debt consolidation loan allows you to pay off everything you owe in one fell swoop; however, you'll still owe approximately the same amount of money; it will just be to a single lender. Its basically the same as getting a personal loan for credit card debt.
Getting a debt consolidation loan can make it easier to keep track of your debt since you'll only have to make one payment each month. Additionally, if you're able to obtain a lower interest rate or often run into late fees, you can reduce the total amount of debt that is added to what you owe, reducing what you need to pay to get out of debt. Learn more: How do debt consolidation companies work?
What Affects Interest Rates
When you're looking for the best personal loans for debt consolidation, the loans that are available to you will depend on the same factors that are associated with applying for regular loans. These factors include your credit rating, how much you want to borrow and your ability to pay the loan back. You are likely to obtain lower interest rates and better loan terms if you have good credit and/or put down collateral.
Debt Consolidation Loan Calculators
There are a number of online calculators that can help you figure out if a loan is right for you as well as what your monthly payments will be and how long it will take to pay it off. These calculators can also help you determine if a consolidation loan will help reduce the amount of time it will take to pay off your loan and by how much as well as if a loan can reduce what you will end up paying to get out of debt.
Bankrate Debt Consolidation Loan Calculator
This calculator allows you to input a variety of data to determine how long you'll need to pay off a loan and what the total costs of the loan will be including fees and interest rates. You are able to include things like your credit card debt, the loan origination fee, the interest rate and closing costs. The loan calculator also allows you to factor in debts other than credit cards, including multiple car loans and student loans.
AARP Debt Consolidation Calculator
The AARP calculator allows you to input a number of data points to help you see how different debt amounts, interest rates and loan terms will affect what it will take and how long it will take to get out of debt with a debt consolidation loan. This calculator also shows you, using a bar graph, the difference in what your monthly payments will be with and without debt consolidation.
Lending Tree Debt Consolidation Calculator
If you're looking for quick and dirty information about how a loan may work for you, the Lending Tree calculator is a good choice. You just need to put in some basic information, which is your loan amount, the interest rate and the loan term, and the calculator will provide an estimate of your monthly payments. Lendingtree debt consolidation is a good option for some people.
Chase Debt Consolidation Loan Calculator
Chase is one of the world’s most reputable commercial banks – it is considered an industry leader in the United States. Like most major commercial lenders, Chase offers debt consolidation for their clients. Their calculator is a comprehensive tool that can help you calculate the amount of money you can save via consolidation. It’s an awesome way to include different variables in your calculations. The calculator allows a wide variety of inputs that include variable interest rates, current balances, current debts, and the levels of payments you can afford. This is a great tool for anyone who wants a reliable calculator.
One of the additional benefits of using Chase’s calculator is the range of information they provide on the debt consolidation process – it can be a one stop shop for consolidation resources.
Calc XML Calculator
Calc XML is a website that hosts a variety of different calculators for various topics. It isn’t a financial advice site, but it has a calculator with a range of different functions. We highly recommend this calculator if you have a large amount of separate debts you are trying to consolidate.
The calculator is split into two separate parts. The first part requires you to input the interest rate of your unsecured debt consolidation loan, along with the number of years listed in the loan contract. For this reason, you will need to a have a quote from a financial provider before you can effectively use this calculator.
After inputting the consolidation loan information, you’ll head to the second part of the calculator – “Current Debt Information”. In this section, you will put all of the information you have on your current debt. This includes the balance, monthly payments, and the yearly interest rate. This part of the section has room for four credit cards, two car loans, one boat loan, and three other loans. As you can tell, there is ample room for large amounts of different debt to be added. If you have a complex financial situation, this is a great calculator.
The only downside to this calculator is that Calc XML is not a financial services company, and don’t provide any additional information on debt consolidation.
SunTrust Debt Consolidation Calculator
SunTrust is a well-known United States based financial services company – they primarily provide loans to their client base. They also happen to have one of the most powerful calculators on the market. Their calculator is divided into three distinct parts: loans, credit cards, and consolidation loan.
The first section – ‘loans’ – is for instalment loans that you currently owe money on. Input your amount owed, monthly payment amount, and months remaining. The second section –‘credit cards’ – is for any credit card debt that you currently have outstanding. There is room for 5 cards, you only have to input your amount owed and your interest rate. The first two parts provide all the input requirements you need for your current debt.
The third part, including a loan to consolidate debt, is what differentiates this calculator from the competitors. Unlike most calculators, which only require loan length and interest rate, this calculator includes a variety of different factors such as: loan type, upfront costs, discount points, and state and federal tax rates.
After inputting all needed data, the calculator will provide you with savings estimates as well as a bar graph to help you better visualize the advantages. If you’re looking to find a website that has both a calculator and a wealth of additional information, SunTrust is definitely one of the best options currently available!
Calculator.net Debt Consolidation Calculator
Calculator.net is another company that provides a wide variety of online calculators for its visitors. Their calculator is great for someone who is looking for an easy-to-use calculator with minimal input requirements.
The calculator is presented in one single panel that has inputs for different debts, their balances, monthly payments, and the interest rates associated with each debt. There are eight inputs total, although you can add more if you need to. There is also an input for your consolidation loan amount, interest rate, loan term, and additional fees. While the overall functions of the calculator are not complex, this is a great starting point for someone who wants to get an estimate of what debt consolidation can do for their current situation.
Another advantage of using this calculator is that the website itself has no ties to any financial services companies. This may sound odd, but at the same time it’s a great way to have the peace-of-mind that you’re not being sold anything or being directed to take out a specific consolidation loan. There are also a range of other calculators available on the site that can help you do various financial calculations.
Huntington Debt Consolidation Calculator
Huntington is another finance provider for American based lenders. They have an easy-to-use calculator on their website which can help you get a grasp on the amount of money you could save if you use a debt consolidation loan. One of the main advantages of the calculator is that it is featured across one single panel, there is no need to flip back and forth between separate tabs.
You start the calculator by adding your balances as well as their corresponding monthly payments. There is no limit on the amount of separate debts you can add to the calculator, although the default starting position is three. After you’ve added all your current outstanding debt, you input the amount of outstanding debt, the interest rate of your consolidation, and the term of the loan. Note that you will have to source details for your loan independently – this is more of a way to get an understanding of the savings rather than applying for an actual loan.
The results of the calculator are displayed on the same page that you input your information. While this may not be the most complex calculator on the market, we recommend it for people who haven’t researched the topic intensely yet – it’s a great way to get a general idea of how much you can save without having too much information on hand. At this point, you are now ready to take the next step, which is to decide which lender to use, based on your current situation.
Getting a debt consolidation loan is a big step for a lot of individuals. It requires commitment as well as careful financial planning to ensure that promised payments are met in full and on time. Debt loan consolidation calculators are a big help in this scenario. Use the debt calculators we’ve listed above They are normally free to use, and offer additional features and services. Try out a few and see which one is best suited for your needs and purposes.
Financial Advisor, MoneyBeagle
Dan is one of the top financial experts when it comes to debt consolidation. With more than 20 years of experience helping people tackle debt, he has a unique insight when it comes to solving debt-related problems.
Dan got his start when he went to work for a bank after getting his Business Degree. He worked his way up and became a loan officer. This position gave him unique insights into the ways that financial products work and how people can utilize different financial products to improve their lives. He’s seen hundreds of success stories and just as many failures – so he knows what steps are most likely to help his readers.
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