Consolidation Calculator

Debt Consolidation Tool Overview

The Debt Consolidation Tool consists of three sections:

1. Form
2. Results
3. Add To Budget

---

Form

This section allows you to input multiple debts for consolidation analysis.

• Input Fields: Each debt requires a balance and payment.
  • Interest Rate: If left blank, it will be treated as 0%.
  • Name: A blank name does not affect functionality.
• Calculate: Once the form is completed, click “Calculate” to process the data.
  • Error Handling: Any errors in the form will be displayed and block the calculation.

---

Results

After calculation, the tool will provide three key results:

1. Balance: The total balance of the consolidated debts.
2. Weighted Interest: The combined interest rate, weighted by the balances of the individual debts.
3. Minimum Payment: The estimated minimum payment for the consolidated loan.

Note: BetterBudgets does not engage in lending; this tool provides estimates for informational purposes only.

---

Add To Budget

• Add To Budget Button: After generating a calculation, an “Add To Budget” button will appear next to the “Calculate” button.
• Functionality: Tapping this button adds a new entry to the Debt Information section in BudgetBuilder.
  • Entry Details:
    • Name: “Consolidate”
    • Balance: The new consolidated balance
    • Interest Rate: The weighted interest
    • Minimum Payment: The new minimum payment

---