What is this calculator?
Compare interest costs for two loans with the same payoff term.
What can you use it for?
Use this tool to compare a financial scenario using the assumptions you control. Compare interest costs for two loans with the same payoff term.
How to use it
- Enter combined balance.
- Enter current annual rate (%).
- Enter new annual rate (%).
- Enter term (years).
- Enter consolidation fees.
- Select Calculate (or Generate for random tools).
- Read the answer and any additional results below the form. Check the units and the limits of the method.
Formula and method
Two fixed-rate payments are computed on the same principal and term before consolidation fees are subtracted.
Worked example
Combined balance: 500000, Current annual rate (%): 20, New annual rate (%): 12, Term (years): 5, Consolidation fees: 10000. The result is 117,483.08090253 (estimated total saving after fees).
Assumptions and limits
This is a mathematical estimate using the values you enter. Confirm real product terms, fees, tax rules and dates before acting on it.
Frequently asked questions
What inputs does the Debt Consolidation Calculator need?
Use combined balance, current annual rate (%), new annual rate (%), term (years), consolidation fees. Read the answer and any additional results below the form. Check the units and the limits of the method.
What assumptions apply to the Debt Consolidation Calculator?
This is a mathematical estimate using the values you enter. Confirm real product terms, fees, tax rules and dates before acting on it.