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Getting more loans to pay debt or paying debt with debt is a good debt restructuring answer for some individual situations and not for others. Do your homework before deciding. Enter your debt balances and the basic information about your consolidation loan and this calculator will show you the monthly payment and other important information to help you decide if this loan is right for your situation. You can even enter any additional amount you are considering borrowing and any additional principal you will pay each month to pay the loan off faster. Show the amortization schedule to see the month-by-month payment breakdown. The numbers should help you see if a consolidation loan for debt restructuring will actually lower your monthly payments or save you interest. Think Debt Advice - Debt tools, calculators, information and advice to help you find the best solutions to your debt problems. Think Debt Advice also provide debt solutions such as debt consolidation loans, debt management and IVAs.

Input Fields:
Title A title for these calculator results that will help you identify it if you have printed out several versions of the calculator.
Creditors The name of the loan's lender or credit card issuer.
Loan Balances Your current outstanding balance on this loan or credit card.
Borrow Additional Any additional amount (over 'Balance Total') you plan to borrow with this consolidation loan.
Interest Rate The annual percentage rate you will pay for this loan.
Length of Loan How long you will pay on this loan. Also choose whether 'Length of Loan' is years or months.
Additional Principal The additional amount you will pay each month (over the required 'Monthly Payment' amount) to pay down the principal on your loan.

Output Fields:
Balance Total Add down the 'Balance' column.
Consolidation Loan Amount The amount you plan to borrow.
Monthly Payment Principal + Interest + Additional Principal (where applicable) to be paid each month.
Total Interest Total amount of interest you will pay over 'Length of Loan'.
Total Paid Total amount of principal + interest you will pay over 'Length of Loan'.
Payoff Time Amount of time until the loan is paid off.
Number of Payments The number of payments you will make to pay off the loan.
Annual Cost The amount of money you will pay each year for this loan.

Buttons and Checkboxes:
Show Amortization When checked, a section will appear below the calculator showing the complete amortization table.
Help Brings up this Help window.
Clear Clear (Use your browser's 'Refresh' or 'Reset' to restore default values.)
Printer Friendly Print Ready Format
Show Formulas Show Calculation Formulas
Show Additional Fields Show Additional Fields
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All calculators are made available as self-help tools for your independent use with results based on information provided by the user. All examples are hypothetical and are for illustrative purposes only. Calculated results are believed to be accurate but results are not guaranteed. Debt calculators are intended only to provide comparisons that may assist you with making decisions regarding how to handle your debt. All debt obligations need to paid each month by their individual due dates. Check all statements from creditors carefully to make sure you pay at least the minimum stated on each. If you have serious debt problems, please seek the advice of a qualified professional who is fully aware of your individual circumstances.
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Updated 04 Jul 2007