Compare your current debts with one consolidation loan and estimate the change in monthly payment, payoff time and total interest.
Add each balance, APR and monthly payment.
A debt consolidation calculator compares multiple balances with a proposed consolidation loan. It shows whether combining debts could change your monthly payment, estimated payoff time and total borrowing cost.
A lower monthly payment does not always mean a cheaper loan. Extending the repayment term can reduce the payment while increasing total interest, so compare both payment and overall cost.
Enter each balance, annual percentage rate and required monthly payment.
Add the consolidation APR, repayment term, origination fee and how the fee is paid.
Review monthly cash-flow changes, payoff time and total interest before deciding.
| Factor | Current debts | Consolidation loan |
|---|---|---|
| Number of payments | Several accounts | Usually one payment |
| Interest rates | Different APRs | One proposed APR |
| Payoff date | May differ by debt | Set by the new term |
| Fees | Existing account terms | May include an origination fee |
Consolidation may reduce total cost when the new APR and fees are meaningfully lower than the cost of your current debts.
One predictable payment can simplify budgeting, but it must still fit comfortably within your monthly income.
An installment loan provides a defined payoff date, provided you make every scheduled payment and avoid adding new debt.
No. It normally combines existing balances into a new loan. Your debt decreases only as you repay principal, although a lower rate may reduce interest cost.
No. A longer term may lower the monthly payment but increase total interest. Compare the full repayment cost as well as monthly affordability.
Include the new loan APR, origination fee, current balances and any early repayment or transfer charges that may apply.
Applying may result in a credit inquiry, and opening or closing accounts can affect credit factors. Long-term impact depends on payment history, balances and account management.
If a payment does not cover monthly interest, the balance will not decline. A higher payment or lower rate would be required.