Good Consolidation Loan Calculator
Consolidation Loan Calculator
Not calculated yet.
Total Loan Amount: ${formatCurrency(totalLoans)}
Interest Rate: ${(interestRate*12*100).toFixed(2)}%
Loan Term: ${loanTerm / 12} years
`; loanSteps += `Formula:
Monthly Payment = Loan Amount × (Interest Rate / (1 – (1 + Interest Rate)^-Loan Term))
`; loanSteps += `Result:
Estimated Monthly Payment: ${formatCurrency(monthlyPayment)}
`; 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 toggleCalculationSteps(){ 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 calculator helps you estimate your monthly payments and the total interest you would pay when consolidating multiple loans into one.
Loan Formula
Monthly Payment = Loan Amount × (Interest Rate / (1 – (1 + Interest Rate)^-Loan Term))
Example Calculation
Loan amount: $50,000, Interest rate: 5%, Loan term: 10 years → Monthly payment: $530.33.
Why It Matters
Consolidating loans into one can make it easier to manage debt and potentially lower your monthly payments by securing a better interest rate.
Smart Strategy
Only consolidate loans with higher interest rates into a lower rate loan to maximize savings.
FAQs
How does consolidation affect my credit? Consolidating loans can help improve your credit score if you keep up with the new monthly payment.
Can I consolidate federal and private loans together? Generally, federal and private loans must be consolidated separately, but some lenders offer options to combine them.
