Debt Consolidation Calculator
Compare your current debts with a consolidation loan
Current Debts
$
%
$
$
%
$
$
%
$
%
months
Range: 12 - 84
Total Interest Savings
$3,418.43
Monthly Payment Difference
-$59.39
Lower payment
Consolidation Worth It?
Yes
Comparison
| Scenario | Monthly Payment | Total Interest | Total Cost | Payoff Time |
|---|---|---|---|---|
Current Debts Avg rate: 16.4% | $450.00 | $6,167.55 | $22,167.55 | 4y 4m |
Consolidation Loan 8% APR | $390.61 | $2,749.12 | $18,749.12 | 4y 0m |
| Difference | -$59.39 | -$3,418.43 | -$3,418.43 | 4 months faster |
Current Debt Summary
Total Balance
$16,000.00
Weighted Avg APR
16.4%
Combined Payments
$450.00/mo
When Consolidation Makes Sense
- Lower interest rate: Consolidation should reduce your weighted average rate
- Simplified payments: One payment instead of multiple
- Fixed timeline: Clear payoff date with a term loan
- Watch for fees: Origination fees can offset savings
- Don't extend too long: A longer term may mean more total interest even at lower rate
- Change behavior: Don't run up new debt after consolidating
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