Refinance calculators consolidating loans
Debts to consider consolidating include credit cards, auto, medical debt, personal loans and more.
Using your equity to pay down debt can eliminate stress and worry and put you on a solid path to financial freedom on your own terms.
Prime Rate is an annual variable rate of interest announced by Royal Bank of Canada from time to time as its Prime Rate.
The above calculations assume that for each loan, the debt is repaid in equal monthly installments for the specified term with no balance left at the end of the term.
You will realize interest payment savings when you make monthly payments towards the new, lower interest rate loan in an amount equal to or greater than what you previously paid towards the higher rate debt(s) being consolidated.
Keep in mind, though, while your monthly payments will be lower, in the long term you may pay more interest if the debt is extended over a longer period of time.
But, if you are looking to have one convenient payment each month or to improve your monthly cash flow while still working toward being debt free, an RBC credit specialist can help. The current payment amount is based on the total monthly payment amount for all debts at the time of calculation, which could include interest-only payments for credit cards and lines of credit balances, and assumes that the debt is repaid in equal monthly installments for the specified comparison period, and depending on how much is paid toward the principal, could potentially have a balance at the end of the comparison period (may not be paid off in full).
Personal lending products offered by Royal Bank of Canada and are subject to credit approval.
While we pride ourselves on the quality and breadth of the FREEand CLEAR mortgage calculators please note that they should be used for informational purposes only.
Based on the details you’ve entered, it appears that you’ll be debt free sooner with your current payment plan.
But, if you are looking to have one convenient payment each month or to improve your monthly cash flow while still working toward being debt free, an RBC credit specialist can help. Based on the details you’ve entered, it appears that you’ll be debt free sooner with your current payment plan.
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Looking to find out what your payment will be after consolidating your loans? Our student loan consolidation calculator will show you how much you can cut your monthly student loan payments.
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Find My Rate Calculated payments and savings are only estimates.