Are there specific calculators for secured and unsecured debt consolidation loans?

There is usually no separate debt consolidation calculator for secured and unsecured loans. The same debt consolidation calculator can be used to evaluate both types of consolidation loans.

The key inputs needed for a debt consolidation calculator are - total outstanding debt amount that needs to be consolidated, proposed interest rate on the consolidation loan, desired repayment tenure and the proposed monthly repayment amount.

Based on these inputs, the debt consolidation calculator estimates the total interest outgo, monthly obligations and overall repayment structure. The results and EMIs calculated will be applicable for both secured and unsecured debt consolidation loans.

The only difference is that secured debt consolidation loans allow higher loan amounts and longer repayment tenures as property or shares works as a collateral. Unsecured loans may have lower eligibility and shorter tenure.

So, whether the final loan is secured or unsecured, the consolidation calculator remains the same and helps estimate overall repayment costs. The user simply has to input their planned consolidated loan details to assess repayment feasibility.