- New loan balance
- The amount for your new consolidation loan. The default amount will be the total of all your debts. You can increase or decrease this amount if you need to change the total amount of the loan.
- New loan payment
- The monthly payment for your new consolidation loan.
- New loan interest rate
- The Annual Percentage Rate (APR) that you will pay on your new consolidation loan.
- New loan term
- The term, in months, for your new consolidation loan.
- Fees
- Any additional fees required to receive your consolidation loan.
- Use minimum payment
- If you checked the "use credit card minimum payments" box, your monthly payment is calculated as 4% of your current outstanding balance. With the "use credit card minimum payments" box checked, your monthly payment will decrease as your balance is paid down. This can greatly increase the length of time it takes to pay off your credit cards. Uncheck this box to enter your own monthly payment that will remain the same until your balance is paid in full.
(The tool calculates your minimum monthly payment as 4% of your current outstanding balance. While your actual minimum monthly payment may be slightly different, this is one of the most common methods used by credit card companies to calculate minimum payments.)
- Credit Card Balance
- Your total current balances for a credit card.
- Credit Card Interest rate
- The annual percentage rate you pay for this credit card. The rate you enter is used to calculate the interest on all future credit card payments. The length of time to pay off this credit card may be much greater than calculated if you enter a low promotional interest rate that is only good for a short period of time. NOTE: This calculator compounds all interest monthly.
- Credit Card Payment
- This is your initial monthly payment. If you checked the "use credit card minimum payments" box, your monthly payment is calculated as 4% of your current outstanding balance. With the "use credit card minimum payments" box checked, your monthly payment will decrease as your balance is paid down. This can greatly increase the length of time it takes to pay off your credit cards. Uncheck this box to enter your own monthly payment that will remain the same until your balance is paid in full.
(The tool calculates your minimum monthly payment as 4% of your current outstanding balance. While your actual minimum monthly payment may be slightly different, this is one of the most common methods used by credit card companies to calculate minimum payments.)
- Loan balance
- Your total current balance for an installment loan.
- Loan interest rates
- The annual percentage rate you pay for this loan. Enter the current interest rate for this loan. This calculator assumes your rate will remain the same for the entire repayment period. The tool uses this to calculate the interest you will pay on this loan and the number of payments that are remaining. NOTE: This calculator compounds all interest monthly.
- Loan payment
- This is your monthly payment. Enter the actual monthly payment for your loan, tool uses this to determine your payment totals and to calculate the remaining payments.
- Remaining loan payments
- This is the calculated number of payments remaining for this loan. It is based on your current balance, payment and interest rate.
- Net cash
- Total funds available after your debt has been paid off. This is the net amount of the loan pay off, it does not include any additional monthly payment savings.
- Percent to invest
- This is the percentage of your monthly payment savings you wish to invest. Any remaining payment savings is used to repay your loan. For example, if you have a monthly payment savings of $100 and choose to invest 75%, $75 would be invested and $25 would be an additional amount applied to your loan balance.
- Rate of return
- This is the annual rate of return you expect from your investment. The actual rate of return is largely dependent on the type of investments you select. For example, the total return including dividends of the S&P/TSX Composite Index for the 10 year period from December 31, 2013 through December 31, 2023 was 8.6% (source www.spglobal.com). Savings accounts at a bank or credit union may pay as little as 2% or less. It is important to remember that future rates of return can't be predicted with certainty and that investments that pay higher rates of return are subject to higher risk and volatility. The actual rate of return on investments can vary widely over time, especially for long-term investments. This includes the potential loss of principal on your investment.
