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I want to express my heart-felt appreciation for the opportunities that Capital Direct has opened up. When others said no, Capital Direct saw the value of my home and made it possible for me to finance my dreams. I tip my hat to Capital Direct.
Jun Paul, O., Vancouver, BC
Consolidating your debt is a huge relief by itself. The bonus is, you'll be rewarded again over time as you pay off your debt in full!

This calculator can show you how to accelerate your debt payoff. You can shave hundreds or even thousands of dollars off your loan by applying a portion of your consolidated loan's monthly payment savings to the consolidated loan's balance. The process is simple!

Accelerated Debt Payoff

Glossary

New loan balance
The amount for your new consolidation loan. The default amount will be the total of all of your debts. You can increase of decrease this amount if you need to change the total amount of the loan.

New loan payment
The monthly payment for your new consolidation loan.

New loan interest rate
The Annual Percentage Rate (APR) that you will pay on your new consolidation loan.

New loan term
The term, in months, for your new consolidation loan.

Use minimum payment
If you checked the 'use credit card minimum payments' box, your monthly payment is calculated as 4% of your current outstanding balance. With the 'use credit card minimum payments' box checked, your monthly payment will decrease as your balance is paid down. This can greatly increase the length of time it takes to pay off your credit cards. Uncheck this box to enter your own monthly payment that will remain the same until your balance is paid in full. (We calculate your minimum monthly payment as 4% of your current outstanding balance. While your actual minimum monthly payment may be slightly different, this is one of the most common methods used by credit card companies to calculate minimum payments.)

Credit Card Balance
Your total current balance for this credit card.

Credit Card Interest rate
The annual percentage rate you pay for this credit card. The rate you enter is used to calculate the interest on all future credit card payments. The length of time to pay off this credit card may be much greater than calculated if you enter a low promotional interest rate that is only good for a short period of time. NOTE: This calculator compounds all interest monthly.

Credit Card Payment
This is your initial monthly payment. If you checked the 'use credit card minimum payments' box, your monthly payment is calculated as 4% of your current outstanding balance. With the 'use credit card minimum payments' box checked, your monthly payment will decrease as your balance is paid down. This can greatly increase the length of time it takes to pay off your credit cards. Uncheck this box to enter your own monthly payment that will remain the same until your balance is paid in full. (We calculate your minimum monthly payment as 4% of your current outstanding balance. While your actual minimum monthly payment may be slightly different, this is one of the most common methods used by credit card companies to calculate minimum payments.)

Loan balance
Your total current balance for an installment loan.

Loan interest rates
The annual percentage rate you pay for this loan. Enter the current interest rate for this loan. This calculator assumes your rate will remain the same for the entire repayment period. We use this to calculator the interest you will pay on this loan and the number of payments that are remaining. NOTE: This calculator compounds all interest monthly

Loan payment
This is your monthly payment. Enter the actual monthly payment for your loan. We use this to determine your payment totals and to calculate the remaining payments.

Remaining loan payments
This is the calculated number of payments remaining for this loan. It is based on your current balance, payment and interest rate.

*Information and interactive calculators are made available to you as self-help tools for your independent use and are not intended to provide investment advice. We cannot and do not guarantee their applicability or accuracy in regards to your individual circumstances. All examples are hypothetical and are for illustrative purposes. We encourage you to seek personalized advice from qualified professionals regarding all personal finance issues.