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Debt Consolidation Calculator

Free FrugalMom Debt Consolidation Calculators

Read our Article on Debt Consolidation Options

We are very pleased to be able to offer these three free debt consolidation / debt management calculators to aid our FrugalMoms & Dads in making good budgeting and financial planning decisions. 

Credit Card Minimum Payment Interest Calculator

The Credit Card Calculator will tell you how long it will take to pay off your current credit card(s).   I believe you find it very shocking to see how long it takes to pay off a credit card balance by making only the minimum payments. Find out how much your credit cards are costing you to  order to help determine the best solution for consolidating or otherwise managing your debt.

Debt Consolidation Calculator - Refinance Without Home Equity Loan
Debt Consolidation Calculator Using Home Equity Loan

These two calculators are wonderful debt consolidation tools for helping to determine the potential benefit of refinancing multiple debts into one loan.  Whether you are a homeowner or not, we have a calculator to help you manage your debt.  The first calculator will help determine the benefit of debt consolidation without using home equity, and the second calculator helps determine the benefit of consolidation using home equity.

 

Debt Consolidation Calculator - Refinance Without Home Equity Loan

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). By consolidating your payments into a single loan, you may 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.

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).

Entry Columns Calculated Columns
# Payment
Description
Principal
Balance
Interest
Rate
Payment
Amount
Interest
Cost
# of Pmts
Left
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
Totals
Consolidation Loan Terms
Enter the Consolidating Loan's Annual Interest Rate (APR):
Enter the Consolidating Loan's term (number of years):
Enter total of any Consolidation Loan Fees:
Results Without
Consolidating
With
Consolidating
Difference
Total of Monthly Payment(s):
Months until debts are paid off:
Total Cost (Interest Charges and Loan Fees):
Summary

See if you can cut your credit card payments by up to 60% or more! Get free quotes - No Obligation