Debt Consolidation Loan Calculator
Enter the details of existing debts in the calculator below (average personal loan interest is 15%, average credit card interest is 18.5%). The calculator will compare your current situation and your current state of debt.
Click on a debt type and enter your details:
Your current minimum repayment
Your minimum repayment would be
at % over
This debt consolidation loan calculator is provided as an information service only and does not constitute financial advice. None of the information provided takes into account your personal objectives, financial situation or needs. You must determine whether the information is appropriate in terms of your particular circumstances.
For financial advice which takes account of your particular objectives, financial situation or needs, you should consider seeking independent financial advice before entering into bankruptcy, debt agreements, debt consolidation loans, personal insolvency agreements, financial hardship or remaining with your current creditors.
What is a debt consolidation loan calculator?
Debt consolidation is a method of repaying multiple loans by taking out another loan. The most well-known example is where people that are undergoing a huge pile of debt is a form of debt refinancing that entails taking out one loan to pay off many others. This calculator aims to work out how you can pay your loan back in manageable increments in a time frame the suits you.
This debt calculator has many advantages:
- When you check your finances and if you can calculate exactly what you can commit to each month you can figure out what exactly you will have to pay back to your one creditor. Once you have calculated what can be put aside each month, you can budget for other areas where needed.
- All other creditors will go through the company you work with for negotiations. This way, you receive a much more personable experience through the company, which will be helpful with an estimated sum by using your debt consolidation loan calculator.
- The firm working on your case can negotiate lower interest rates and late fee issues, saving you some money in the process from where your calculations stand.
- You can work out for your own peace of mind what’s going to work for you, your family and your own future aspirations, as well as planning out when you will be able to pay off your loan.
There are also unfortunately some downsides to a debt consolidation loans calculator, which can include:
- There isn’t an exact science into paying off your loans by relying on such calculations only. Sometimes an issue can arise and you might need to limit your repayments for a while, or a family emergency, or an immediate expense, things that we don’t expect to happen at first. This is why this method isn’t the be all and end all for everybody.
- Whilst you may rely on this tool at first, it doesn’t take into account any other financial issues you are currently facing, such as student debt, mortgage issues and other pressing money woes that could be tied into this situation as well.
- A debt consolidation loans calculator can help you see decreased interest rates on your credit card repayment bills, but there is a huge risk in doing checking this. This is especially risky when you have a poor credit history, and all results should be taken with a pinch of salt.
It’s important to consider all the advantages and disadvantages and more, as well as conducting thorough research before taking out consultations and initial procedures, before you follow the guidelines set out by our calculator.
If you find yourself facing large debts, a different approach to financial management is clearly something you’ll want to strongly consider. One option is a loan, but you need to research its impact on your specific situation before determining whether it’s the right option for you.
Debt Mediators are seasoned experts in dealing with all sorts of enquiries concerning debt. If you’d like a professional consultation from one of our debt experts then give us a call today.