Debt consolidation loans allow consumers to transfer the account balances from multiple credit cards or installment loans into a single loan and to make a single monthly payment. For debt consolidation loans to be beneficial, the repayment period for paying off the consolidation loan should be shorter than what it would be for your existing debts without the loan. Secondly, the interest that you pay over the repayment period should be less than what you would pay with your existing repayment terms. In some cases, a debt consolidation loan may look attractive because it has a significantly lower monthly payment than what you are paying today, but it is likely the case that the lower payment is due to extending the repayment of the loan over a much longer repayment period.
Debt Consolidation
Debt Consolidation
Total Debt |
Monthly Payment |
Months to Pay Off |
|---|---|---|
Total Debt |
Monthly Payment |
Months to Pay Off |
|---|---|---|
| Debt Type | Months to Payoff |
|---|---|
| Credit Card Debt | |
| Installment Debt | |
| Consolidated Debt |
Flagstar Bank partnered with Fintactix, a financial education company, to make this calculator available. This is for informational purposes only. The results are hypothetical to illustrate general scenarios. The calculator cannot determine that a specific Flagstar product is available to you or that it is the right solution for your circumstances. All Flagstar Bank products require an application and an approval process. Please contact us directly so we can assist you. Use of this calculator is not a substitute for and results cannot be relied on as investment, legal, tax or accounting advice. Please consult a tax advisor, attorney or other financial professional for personalized advice appropriate to your goals and circumstances. Flagstar Bank and our affiliates are not responsible for any content provided by unaffiliated third parties.