Consolidation Loan Payment Calculator
Consolidation Loan Payment Calculator
Calculate your monthly payments and potential savings by consolidating multiple loans into a single loan.
Not calculated yet.
Loan Amount: ${formatCurrency(loanAmount)}
Interest Rate: ${(interestRate * 100).toFixed(1)}%
Loan Term: ${loanTerm} years
`; loanSteps += `Formulas:
Monthly Payment = Loan Amount × Monthly Rate / (1 – (1 + Monthly Rate) ^ -Months)
Total Interest = Monthly Payment × Months – Loan Amount
`; loanSteps += `Results:
Estimated Monthly Payment: ${formatCurrency(monthlyPayment)}
Total Interest Paid: ${formatCurrency(totalInterest)}
`; loanSteps += `Tip: A longer loan term reduces your monthly payment but increases your total interest paid over time.`; if(document.getElementById(“calculationStepsLoan”).style.display === “block”){ document.getElementById(“calculationStepsLoan”).innerHTML = loanSteps; } } function resetLoan(){ document.querySelectorAll(“#calculator input”).forEach(el => el.value = “”); loanSteps = “”; document.getElementById(“calculationStepsLoan”).innerHTML = “
Not calculated yet.
“; } function toggleLoanSteps(){ const s = document.getElementById(“calculationStepsLoan”); const a = document.getElementById(“toggleArrowLoan”); if(s.style.display === “none” || s.style.display === “”){ s.style.display = “block”; a.style.transform = “rotate(180deg)”; s.innerHTML = loanSteps || “Not calculated yet.
“; } else { s.style.display = “none”; a.style.transform = “rotate(0deg)”; } } function formatCurrency(n) { return currencySymbol + n.toFixed(2) + ” ” + fixedCurrency; }This consolidation loan payment calculator helps you determine your estimated monthly payments and total interest paid when consolidating multiple loans.
Why Consolidate Loans?
Consolidating loans into one payment can simplify your finances by reducing the number of bills you need to pay each month. It may also reduce your interest rate or extend your loan term, helping you lower your monthly payment.
Example Calculation
If you consolidate $10,000 at 5% interest for 5 years, your estimated monthly payment is $188.71, and you will pay $1,323.13 in total interest.
FAQs
What is loan consolidation? Loan consolidation combines multiple loans into a single loan, often with a lower interest rate and a single monthly payment.
Can I consolidate all my loans? You can consolidate most types of loans, but not all. Federal loans, for example, can be consolidated, but private loans might not be eligible.
How does consolidation affect my credit? Consolidation can help improve your credit by simplifying your payments and lowering your debt-to-income ratio if managed responsibly.