Debt Consolidation Calculator

Debt Consolidation Calculator

A good way to save money on interest and potentially reduce your monthly debt payments is to consolidate your debt.  Debt consolidation means combining several credit cards or other loans into a single loan with a lower interest rate.  If you have a good credit rating and enough income to make payments on a consolidation loan for your debts, you can get a much lower interest rate than typical credit card interest rates.  This allows you to pay the debt down faster since the interest rate is lower, and you may be able to reduce your overall monthly payments as well.

How does debt consolidation work and how much can you save?  Find out by using the Debt Consolidation Calculator to analyze your debts.

Debt Consolidation Calculator How Much Can You Save with Debt Consolidation?
Current Debts and Loans		Current Payoff Plan
Enter Debt Balance ($): Enter Interest Rate (%): Enter Monthly Payment ($):		Payoff Time (months): Total of Payments ($): Total Interest ($):
Enter Debt Balance ($): Enter Interest Rate (%): Enter Monthly Payment ($):		Payoff Time (months): Total of Payments ($): Total Interest ($):
Enter Debt Balance ($): Enter Interest Rate (%): Enter Monthly Payment ($):		Payoff Time (months): Total of Payments ($): Total Interest ($):
Enter Debt Balance ($): Enter Interest Rate (%): Enter Monthly Payment ($):		Payoff Time (months): Total of Payments ($): Total Interest ($):
Step 1: Debt Analysis
Current Debt Summary Total Balance ($): Total Monthly Payments ($): Total Cost to Payoff:
Debt Consolidation Plan
Enter Credit Card Balance ($): Enter Interest Rate (%): Enter Monthly Payment ($):		Payoff Time (months): Total of Payments ($): Total Interest ($):
Total Savings with Debt Consolidation:
Step 2: Update Debt Consolidation: Change Interest Rate or Monthly Payment and Recalculate...
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Using the Debt Consolidation Calculator

Enter information about your debt payments and loans in the Current Debts and Loans section of the calculator.  Enter the debt balance, interest rate, and monthly payment that you are currently making.  You can enter up to 4 debts in the calculator.  If you have less than 4 debts to enter, just enter 0 as the balance for the extra debt entries in the calculator.

Next, click "Compute" in the Step 1: Debt Analysis section.  This will calculate the payoff time, total of your payments, and total interest for each debt account.  The sum of all of your debt balances will be entered under Current Debt Summary, along with the total of your monthly debt payments and the total that you will pay under your current plan.

An example debt consolidation loan will also be entered under the Debt Consolidation Plan section of the calculator.  The default amount of the debt consolidation loan is the total of the debts entered under Current Debts and Loans.  The interest rate is 6%, and the monthly payment on the consolidation loan is the same as the total current payments on your debts.

You will be able to see how long it will take to pay off a consolidation loan and how much money on interest payments you will save.  The blue box shows your total savings with a debt consolidation loan.

Recommended Reading:
How to Become a Millionaire- The Millionaire Calculator

Credit Card Consolidation Loan Calculator

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Credit Card Consolidation Loan Calculator

Credit Card Consolidation Loan Calculator

A credit card consolidation loan allows you to pay off your high interest credit cards with a low interest bank loan.  If you have good credit and high enough income, you can get a credit card consolidation loan from a bank and save a lot of money on interest.  How much money can you save with a credit card consolidation loan?  Find out with the Credit Card Consolidation Calculator!

Credit Card Consolidation Calculator by Dr. Penny Pincher How Much Can You Save with Credit Card Consolidation?
Current Credit Cards		Current Payoff Plan
Enter Credit Card Balance ($): Enter Interest Rate (%): Enter Monthly Payment ($):		Payoff Time (months): Total of Payments ($): Total Interest ($):
Enter Credit Card Balance ($): Enter Interest Rate (%): Enter Monthly Payment ($):		Payoff Time (months): Total of Payments ($): Total Interest ($):
Enter Credit Card Balance ($): Enter Interest Rate (%): Enter Monthly Payment ($):		Payoff Time (months): Total of Payments ($): Total Interest ($):
Enter Credit Card Balance ($): Enter Interest Rate (%): Enter Monthly Payment ($):		Payoff Time (months): Total of Payments ($): Total Interest ($):
Step 1: Credit Card Analysis
Current Credit Cards Summary Total Balance ($): Total Monthly Payments ($): Total Cost to Payoff:
Credit Card Consolidation Plan
Enter Credit Card Balance ($): Enter Interest Rate (%): Enter Monthly Payment ($):		Payoff Time (months): Total of Payments ($): Total Interest ($):
Total Savings with Credit Card Consolidation:
Step 2: Update Credit Card Consolidation: Change Interest Rate or Monthly Payment and Recalculate...
Copyright (c) 2014. All Rights Reserved http://pennypincherjournal.blogspot.com

How to Use the Credit Card Consolidation Loan Calculator

Update the Current Credit Cards section with the information from your current credit cards.  Enter the credit card balance, interest rate, and monthly payment that you are making.  The Credit Card Consolidation Calculator can process up to 4 credit cards.  If you have less than 4 credit cards, simply enter a zero balance for the extra credit cards in the calculator.

Next, click "Compute" in the Step 1 green box.  This will calculate the payoff time, total of payments, and total interest cost to pay off each of your credit cards.  Your total credit card balance, total monthly payment, and total cost to pay off your current credit cards is calculated and shown in the Current Credit Card Summary section of the calculator.

Example values will be automatically entered under the Credit Card Consolidation section.  The total credit card balance will be filled in, an interest rate of 6% will be entered, and your total monthly payment on your current credit cards will be used as your payment on your credit card consolidation loan.

The payoff time, total of payments, and total interest paid for the example consolidation loan is calculated.  The blue section shows the total savings achieved with a credit card consolidation loan.

You can change the interest rate or monthly payments for the consolidation loan and click "Compute" in Step 2 to update the results.  You may want to try making a higher monthly payment to pay off your loan faster and save even more money on interest.

Recommended Reading:
Savings Calculator

How to Become a Millionaire- The Millionaire Calculator

Penny Pincher Journal

Copyright © 2015 by Dr. Penny Pincher.  All Rights Reserved.  Privacy Policy

Credit Card Payoff Calculator

Credit Card Payoff Calculator

Find out how long it will take to payoff your credit card with the Credit Card Payoff Calculator.  Enter your credit card balance, monthly payment, and interest rate.  The Credit Card Payoff Calculator outputs the time to payoff your credit card and also the total amount of your payments to payoff the credit card.

Credit Card Payoff Calculator by Dr. Penny Pincher How long will it take to payoff your credit card? Copyright (c) 2014. All Rights Reserved http://pennypincherjournal.blogspot.com

INPUTS

Enter Credit Card Balance ($):

Enter Interest Rate (%):

Enter Monthly Payment ($):

RESULTS

Payoff Time (months):

Total of Payments ($):

With the Credit Card Payoff Calculator, you can check how much the interest rate affects your time to payoff a credit card.  For example, if you are paying 12.9% interest and you transfer your balance to a new credit account with 0% interest, will this help you payoff your credit card faster?  With the default settings of a $5,000 credit card balance, 12.9% interest, and a $350 monthly payment, it would take 15.6 months to payoff the credit card at a cost of $5457.53.  If you could get a 0% introductory rate, you could pay the credit card off in 14.3 months and save $457.53.

You can also check the affect of making bigger payments on your credit card to payoff the balance faster.  If you pay an extra $100 per month, how much faster will you payoff your credit card and how much money will you save on interest payments?  For the default example, if you increased the payment by $100 to $450 per month, you would payoff the credit card in 11.9 months at a cost of $5353.32 at a savings of $104.21.

Credit Card Payoff Calculator Instructions

Calculator Inputs:

Enter Credit Card Balance ($):  Your total credit card balance.
Enter Interest Rate (%):  The annual interest rate on your credit card.
Enter Monthly Payment ($):  The amount you pay on your credit card every month.

Calculator Outputs:
Payoff Time (months):  How long it will take to payoff your credit card.  Note that fractions of a month are shown in the calculator.  For example if paying off your credit card will take 12.3 months, this would require 12 full monthly payments and a partial payment on the 13th month.
Total of Payments ($):  The total of your payments to pay off the credit card, including interest.

This site run by Drexel University introduces the basic formulas used to calculate compound interest for calculating credit card payoff time and cost.

Recommended Reading:
Savings Calculator

How to Become a Millionaire- The Millionaire Calculator

Penny Pincher Journal

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Monthly Car Payment Calculator

Monthly Car Payment Calculator

Use this calculator to find out your monthly car payments.  Simply enter the loan amount for your car, the length of the loan in years, and the interest rate.

Car Payment Calculator by Dr. Penny Pincher Calculate your car payment! Copyright (c) 2014. All Rights Reserved http://pennypincherjournal.blogspot.com

INPUTS

Enter Loan Amount ($):

Enter Length of Loan (years):

Enter Interest Rate (%):

RESULTS

Monthly Payment ($):

For example, the default values in the Car Payment Calculator calculate car payments for a car loan of $28,000 for 4 years with an interest rate of 6%.

Car Loan Terms and Interest Rates

Typical terms for a car loan are 4 years or 5 years.  You can also get 3 year car loans and even 6 year car loans.  The longer the car loan you get, the more you will end up paying in interest.  However, an advantage of taking a longer car loan is that you can get a lower monthly payment.  Try entering different loan lengths in the Car Payment Calculator to see the effect on your monthly car payment.

The type of car you buy can affect the interest rate you get on a car loan.  The interest rates are lower on newer cars.  Banks have less risk in loaning money to buy a new car, because this asset is more likely to hold its value than an older car.  You can find car loans under 5% interest on newer cars.  Older cars can have interest rates of 10% or more.

Surprisingly, in some cases it may actually cost less to buy a newer car because of the lower interest rates you can get to buy a newer car.  The purchase price of an older car will be less than a newer car, but the total cost of paying the loan can be lower for a newer car if the interest rate is significantly less.  You can use the Car Payment Calculator to see the impact on your car payment of  buying a less expensive car at a higher interest rate vs. a more expensive car at at lower interest rate.

This site has some sample car payment calculations- you can enter the test parameters of  a 3 year loan, $15,000 car price, and 7%  interest rate and match the example calculation of $463.16 per month using the Car Payment Calculator.

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