Debt Consolidation Calculator
A debt consolidation loan is a new loan taken out to pay off existing debts, and is typically a home-equity loan. It could make managing your finances simpler by rolling it all into one manageable monthly payment, leaving you with more cash on hand. Consolidation loans can significantly reduce your required monthly payment because they are generally amortized over 10 or 15 years. However, paying off your loan over a longer period could also increase how much you pay overall, due to interest. Use this debt consolidation calculator to determine how quickly you could get out of debt and how much interest you might save.