Debt Consolidation Calculator 2

Debt Consolidation Calculator V1
By consolidating your payments into a single payment, your monthly payment becomes smaller than the sum of your current monthly payments, but if they stretch your loan out for a longer period of time you could actually end up paying more interest. However this may still save you from Bankruptcy or other financial difficulties. This calculator will help you to determine whether or not consolidating will actually reduce the cost of retiring your debts. Starting with the first line of entry fields, enter each one of your debts, along with their corresponding principal balances, interest rates and monthly payment amounts (the last two columns will be filled in by the calculator). Once you have entered all of the debts you wish to consolidate, click on the "Compute Current Debt Cost" button. Next, enter the consolidating loan's interest rate, term and any origination fees that might apply and click the "Compute Consolidation Loan Costs" button. IMPORTANT: In order for the this calculator to work, each debt must have the four left-hand fields filled in (for interest-free debts enter .001 just to satisfy the required interest-rate entry).
	Entry Columns				Calculated Columns
#	Payment Description	Principal Balance	Interest Rate	Payment Amount	Interest Cost	# of Pmts Left
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	Totals

Consolidation Loan Terms
Enter the Consolidating Loan's Annual Interest Rate (APR):
Enter the Consolidating Loan's term (number of years):
Enter total of any Consolidation Loan Fees:

Results				Without Consol- idating	With Consol- idating	Difference
Total of Monthly Payment(s):
Months until debts are paid off:
Total Cost (Interest Charges and Loan Fees):
Summary: