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- •Save your calculations by bookmarking this page with your inputs in the URL.
- •Try different scenarios to understand how changes affect your results.
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When to Use This Calculator
Use when you have multiple high-interest debts and want to see if a single, lower-interest loan can save you money and simplify payments.
debtconsolidationloanpersonal financeinterest
Who Benefits Most
- •Individuals with multiple debts
- •People with high-interest credit cards
- •Borrowers seeking lower payments
Intermediate
Real-World Example: Simplifying Debt and Saving Money
Scenario
A user has three credit cards totaling $20,000 with an average interest rate of 18%. They are considering a 5-year consolidation loan at 9%.
Outcome
The calculator showed their monthly payment would drop by $150, and they would save over $7,000 in total interest, providing a clear path to becoming debt-free faster.
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