Consolidating loans calculator

13-Nov-2015 18:17

This calculator should not be used by anyone to make material financial decisions and should be used solely for informational purposes.We encourage any user to seek personalized advice from qualified professionals regarding all personal finance issues.

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Payment after consolidation takes a weighted average of the interest rates entered, and calculates monthly payment based on a set repayment term (number of months in repayment).Looking to find out what your payment will be after consolidating or refinancing your loans? Our student loan consolidation calculator will show you how much you can cut your monthly student loan payments. Calculated results are based on many factors, including the assumptions provided by the user.To use this calculator, you need your loan amounts, interest rates and your credit rating. We cannot and do not provide any guarantees, conditions or warranties as to result accuracy or applicability to the user’s particular circumstances. * Disclaimer: This calculator is provided for informational purposes only.It is the responsibility of the user to verify that all of the output and resulting calculations are correct.Repayment term is determined by a student's total education indebtedness where the term increases as loan balance increases (see chart below).

Payment before refinancing is the sum of monthly payments for all private loans and assumes a 15-year repayment term.

Payment after refinancing assumes a 20-year repayment term and calculates a new interest rate based on PRIME + a margin depending on a student's credit (1.00% good credit, 3.375% average credit, 5.75% bad credit).

The minimum amount for a TD Debt Consolidation Loan is $2,000.

Given that the total debt amount to consolidate is less than $2,000, we may have other options that are better suited to your needs. See Results If you are interested in a loan over $50,000, we may have other options that are better suited to your needs.

You can still see results for a TD Debt Consolidation Loan up to $50,000 by reducing your total debt to under $50,000.

Simply remove a portion of your total from any credit card or other balance until your total debt is under $50,000. If this is your total debt, see how a TD Debt Consolidation Loan can help give you one interest rate and one lower regular payment so you can better manage your cash flow.