This debt consolidation calculator is designed to help determine if debt consolidation is right for you.Fill in the loan amounts, credit card balances and other outstanding debt.
We encourage you to seek personalized advice from qualified professionals regarding all personal finance issues.View the Total Cost of Borrowing Before you apply, we encourage you to carefully consider whether consolidating your existing debt is the right choice for you.Consolidating multiple loans means you'll have a single payment each month for that combined debt but it may not reduce or pay your debt off sooner. Once your loans are combined into a Direct Consolidation Loan, they cannot be removed. If you want to lower your monthly payment amount but are concerned about the impact of loan consolidation, you might want to consider deferment or forbearance as options for short-term payment relief, or consider switching to an income-driven repayment plan.Then see what the monthly payment would be with a consolidated loan.
Try adjusting the terms, loan types or rate until a consolidation plan fits your needs - and most importantly your budget!
While it’s true that you can’t borrow your way out of debt, consolidating all of your high interest loans into one debt consolidation loan through Prosper with a great rate could save on the amount of interest you’re charged on your debts each month.
Plus, debt consolidation loans through Prosper have a fixed interest rate, and your loan principal goes down as you make your loan payments—so you can stop your high interest credit card debt from spiraling out of control.
Replace your credit card debt with a consolidation loan through Prosper, where your interest rate won’t change and your loan principal gets paid down as you make fixed monthly payments.
At Prosper, we understand the importance of maintaining the best credit score possible.
Prosper’s online electronic payment system lets you manage your entire consolidation loan directly and with ease.