subject: Calculator Credit Card your debt and More - payment calculator credit card [print this page] Calculator Credit Card your debt and More - payment calculator credit card
Consolidate debt credit card? This debt consolidation calculator is designed to help determine if debt consolidation is right for you. It is very easy to use, sun fill in the amount of loans, real balances of credit cards and the amount of outstanding debt.
The end result will be the monthly payment for the new operation with a consolidation loan.
Perform various tests to adjust the terms, loan types or rate until reaching the findings of a consolidation plan that fits your needs, and most importantly, will your budget!
Direct access to the calculator: more here ...
The spreadsheet contains a worksheet with instructions and definitions for certain terms used in the calculator. For more information about how to pay your credit card, follow those instructions on the calculator.
How many of us really have the discipline, once our monthly payments are reduced, to pay the debt rather than spend the extra money and accumulate more debt? I'm not trying to prejudge here, I'm just trying to say that debt consolidation can not be the best remedy for debt problems.
The outstanding balance on your credit card. Need not include finance charges, but is calculated based on interest rates.
Credit card fee. Annual interest rate it pays on outstanding balances of credit cards. This calculator assumes simple interest is charged every month at its annual 1/12vo.
The credit card payments are based on the outstanding balance and annual interest rate. For this loan comparison, the monthly payment is the amount necessary to pay your credit card the same number of months that your consolidation loan. Your actual payment of credit card can be lower, but often require many more payments.
Rate of return on savings. This is the rate that would have received had put your closing costs into savings. Enter your savings rate in the short term. For most people this is currently 2% to 5%. Savings accounts at a bank or credit union pay 2% or less.
Tax rate. This is your combined federal income taxes and state. It is used to determine the tax savings when using a home equity loan to consolidate your debt.
Type of loan. The two most common types of loans, home equity and personal, differ in fees, rates and tax deductibility of interest. Mortgage loans often have higher rates, but usually have lower rates and a tax deduction for interest paid.
Personal loans do not have a tax deduction of interest paid, and have a higher interest rate but often have lower rates. These are important considerations when choosing a loan.
Include closing costs in loans. If you include the closing costs of your loan, your loan balance, monthly payment and total interest paid will increase. You, however, pay less money up front. Including closing costs on your loan can be a good option if you do not have funds available, or you can achieve a relatively high rate of return on their savings.
