First Choice Finance - Mortgage Broker First Choice FinanceCompare Home Owner Loans
First Choice Finance - Mortgage BrokerCompare Home Owner Loans

Debt Consolidation Calculator

Debt Consolidation Calculator

Find Out How Much Your Credit Is Costing
Improve Cash flow By Consolidating Your Debts
Use The Tabs To Select Loans, Credit & Store Cards
Reduce Stress By Taking Control Of Your Finances


Debts to Consolidate
Debt Amount Owed Monthly Payment

Debt Consolidation Loan
Enter debt consolidation loan interest rate:
Enter the loan term (Years):

This is how much your monthly payment will be if you consolidate your debt:
Total amount repayable:
Monthly payment reduction:

Twenty five years of helping you clear down your debts and get back on top of your cash flow. If you have any questions or want to talk through your circumstances don`t worry, just call us on 0800 298 3000 (landline) or 0333 0031505 (mobile) alternatively fill in our short on line enquiry form and we will call you. The First Choice Finance debt consolidation calculator has been designed to help you get back on top of your credit commitments firstly by being able to see what the relative costs are to you for your credit cards, store cards, loans or overdraft each month. Some people have many debts made up of a number of smaller balances on the infamous plastic and it is quite easy to rack up these bills when cards are continuously offered to you. However as you add these into the debt consolidation calculator you will see that all these small payments can add up to a large monthly cost and really squeeze your budget. If there are not enough boxes just add some of your credit payments together. If you only have one or two items just leave the other ones blank.

Improve Your Cashflow with a Debt Consolidation Loan

Once you have filled in your credit you can then go to the second stage and have a few goes at seeing how much a loan to consolidate those credit bills into one manageable monthly payment will actually be. You can free type a number of different interest rates into the labelled box and then also try different loan terms in years underneath the loan rate. Each time you amend the interest rate box or the term box click on the calculate box again and you will be shown what your new total monthly payment would be if you use the debt consolidation loan to clear the balances on all of the credit cards, store cards, personal loans and other credit that you have listed. What you will also see is the monthly difference between the new payment for your consolidation loan and the total of your monthly payments you inserted at the beginning of the debt calculation. This monthly saving is the figure that your outgoings will go down by each month.

Spreading Your Repayments vs Paying Back Interest

At First Choice Finance we want our customers to be aware of other aspects of refinancing credit through a debt consolidation loan, one thing you should always bear in mind is that by spreading your repayments over a longer term you may pay back more in interest overall, even if the interest rate on the new loan is lower than most of the credit is clearing, that still may be the case. Therefore if you are able to pay back the loan earlier then that`s all the better for you. In summary consolidation loans as a tool to get your cash flow better is a trade of between getting on top of your debts or credit bills and paying back the new loan as soon as you can to minimise the overall interest. One thing there is little doubt about if you are currently in a negative cash flow situation, that is you are spending more than you earn on a regular basis each month, then be it by a debt consolidation loan or some other means of reducing your outgoings you must aim to take action and improve your cash flow to a positive position, or matters are highly likely to get worse.

Security is required on immovable property.

Established In 1988. Company Registration Number 2316399. Authorised & Regulated By The Financial Conduct Authority (FCA). Firm Reference Number 302981. Mortgages & Homeowner Secured Loans Are Secured On Your Home

First Choice Finance is a trading style of First Choice Funding Limited of The Old Courtyard, 103 Buxton Road, High Lane, Stockport, Cheshire. SK6 8DX. Copyright protected 2014.

  Best Deals & Latest News

Remortgage To Pay Off Debts?

Release Equity Via A Remortgage or Loan

Mortgage & Remortgage LTV Calculator

Reasons Why Mortgages May Be Rejected

Remortgage With Bad Credit

Online Home Loans
Secured Loans and Remortgage Advice
Loan or Mortgage Application

Loan Plans

Mortgage and remortgages - Best Buys

Adverse Credit Mortgage Lenders

Find adverse credit mortgages from First Choice Finance if you have had difficulty finding a mortgage or remortgage in the past an First Choice Finance mortgage adviser will search for the best adverse mortgage adviser.

Will organising my debt help the economy?