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Thinking About Consolidation?
To use the debt consolidation calculator first gather this information for your cards debt and loans like personal, auto and any lines of borrowing that you have (excluding any mortgage).
For each debt, note down the current balance owed, interest rate that you are currently paying and the monthly payment that you are currently making ready to enter into the debt consolidation calculator. You can add additional lines to the debt consolidation calculator if you need to (e.g. if you have a few credit card balances to enter).
If your monthly payment varies then enter an amount into the debt consolidation calculator that is a realistic reflection of what you are actually managing to pay on average each month. Desired Monthly Payment? - This should be a comfortable amount after debt consolidation refinance that you believe you can afford to pay.
Remember that with debt consolidation refinance, the less that you pay back each month the longer your debt remains, and the greater the ultimate total cost of the debt due to interest. Interest Rate On The Consolidated Loan? This means the rate on your potential new loan. With the debt consolidation calculator you can experiment with a known offer rate, or see what the debt consolidation calculator result is for any speculative rate. You can also see the effect of different desired monthly payments.
Best Choice Consolidation
Using the debt consolidation calculator may show great potential for saving on interest paid and total cost. Observe the difference in monthly payment and the length of time that you will be debt free in. A debt consolidation calculator must make assumptions that figures hold constant, it is however a useful tool for evaluating the approach. Success with the loan approach to consolidation (as with all alternatives for dealing with debt) requires commitment to the new payment. Note that new borrowing comes with a set up or origination fee. This cost should be factored into any decision. Of course, the availability to you of a new loan or suitable interest rate is not accounted for. The Debt Consolidation Calculator is a tool to help you evaluate the affect of taking on a new loan for the purpose of paying off existing debt. Taking on any new borrowing should be done with a clear strategy in mind. Although there are consolidation loan products that pay the debts off for you, there are additional sources of loan funding that may be available to you.
This site is dedicated to exploring all the options for dealing with debt and consolidation, including the new loan approach. To learn more about the New Loan approach for dealing with debt and to find funding sources see our article entitled Debt Consolidation Loan. You may find other debt consolidation calculators on this site to help you calculate different debt and payment scenarios. Debt consolidation calculators are a useful tool. Make sure to bookmark this debt consolidation calculator or our home page as you evaluate your alternatives.