Debts seem to be a part of everyone’s life as we all have some requirements for which a little financial help is required which are known as a loan. However owing a large sum of money is a huge liability requires being paid off. Unfortunately, some people get stuck in this borrowing and paying off cycle which ultimately leads to multiple debts. When you do not have money for yourself then how could you pat off your debts? Well, it’s simple answer lies in the debt consolidation loan via which you can minimize the number of your debtors. However, for this, you need a tool known as “Debt consolidation loan payment calculator.”
You may know about this calculator use to determine each and everything about the consolidation loan. There are different calculators for a different purpose, but here we are going to talk about three consolidation calculator.
SunTrust Debt consolidation calculator
The calculator is named after a well-known financial service company situated in United State. The calculator belongs to them and considers one of the most powerful ones. It divided into three parts, i.e., consolidation loans, loans, and credit cards.
- Starting with the loan section then it is for installment loans. Input monthly payment amount, owed money and months remaining.
- Talking about the second part then it is on the credit card, probably the amount you owed on it. For this one, just enter interest rate and owed amount.
- Both of the above methods tell you your current debt.
- The third section is very different from many consolidation calculators as it includes some unique factors like upfront costs, loan type, federal tax rates and discount points.
Calculator.net (Debt Consolidation Calculator)
One single panel is used to present this calculator including inputs for different debt balances, interest rates, monthly payment, and debts. It is a kind of customizable calculators as apart from eight inputs, you can add more if you like to.
- There is separate input for consolidation loan amount, long-term loan, interest rates along with additional fees.
- Functions aren’t complex best for calculating the estimated debt according to your current situation.
- Although it belongs to a financial service company, you don’t have to be directed or sold anything to get accurate consolidation information.
The most profound feature of this calculator is that it has a single panel so while using it you don’t have to flip it back & forth each time you move from one tab to another.
- In it start calculating by adding your monthly payments along with adding balance.
- Talking about the default starting position then it is three, but there is no limit as you can add as many dents you have.
- After the sum of all your debts, input the outstanding debt, consolidation interest rate along with the term of the loan.
- It is not complex but gives you a general idea of the consolidation.
This is all about “Debt consolidation loan payment calculator” as all of them are great. All provide accurate information so try any of them and get your problem solved.