Consolidating loans calculator
Below is a brief definition of each of the terms used by Debt.org’s Debt Consolidation Calculator to help you better understand why using a debt consolidation loan could save you time and money.Each term is broken down in the category it appears under. Total remaining interest to be paid: Amount of interest paid over the life of the loan.If you make the minimum payments on those cards, you would be paying 5 a month and it would take 82 months to pay it off.If you were able to get a 10-year debt consolidation loan for ,654 at 10% interest, your payment would drop to 7 per month, a savings of 8 each month.The Truth in Lending Act requires all that information to be available on every credit card statement.Next, go online or call a bank or credit union to find out the interest rate and payoff time for a debt consolidation loan.He started writing/bragging about it seven years ago, helping birth into existence as the site’s original “Frugal Man.” Prior to that, he spent more than 30 years covering college and professional sports, which are the fantasy worlds of finance.
If you take the 8 you saved every month using a debt consolidation loan and add it on to your next payment, you would pay off the loan in far less time (65 months) and save far more money (,746). We believe everyone should be able to make financial decisions with confidence. This may influence which products we review and write about (and where those products appear on the site), but it in no way affects our recommendations or advice, which are grounded in thousands of hours of research.