Whether you’re a student or a full-time employee, keeping your financial house in order can be tricky. If you’re not careful, debt can rack up fast. Fortunately, there’s a wide range of free tools available to help you climb your way out of a financial liability. Bankrate.com offers a debt calculator to assist with a variety of such situations.
Student loan calculator
Students can estimate how consolidating student loans and making extra payments on high-interest, nonstudent loan debt will help them save more down the line. To use the calculator, simply enter your total monthly student loan payments, the outstanding debt, and your interest rate for the new, consolidated loan. Then enter your outstanding credit card balance under the non-student loan section.
Credit card debt
Is your wallet overflowing with plastic? A credit card debt calculator can help you get it back in order. Figure out how much money you really owe on those cards and start managing your debt. To get started, just enter all of your outstanding credit card balances along with their annual percentage rates. Enter the monthly minimum payment that you plan to make. The calculator will tell you how much money you owe and when it will be paid off in full.
Consolidation debt calculator
Before you jump into consolidating your debt, it’s wise to check the figures. The debt consolidation calculator will help you decide if consolidation is the right move for you. Enter the amount owed on your credit cards and installment loans as well as the payments for each. Enter the potential new loan information and then hit “calculate.” Play around with the terms on the debt calculator until a monthly payment fits your budget.