Debt consolidation
How long it takes to be debt-free, and what a faster payoff costs.
Add up what you owe today. We'll compare it to one new loan, at a rate and term you choose. Watch the total interest number, because a lower payment can still cost more if it extends the payoff.
Debt consolidation
Enter what you owe today. We'll compare it to one consolidated loan, payment, interest, and payoff time.
What you owe today
2 debts · $8,300 · $255.00/mo
Balance
$
Interest rate
%
You pay monthly
$
Balance
$
Interest rate
%
You pay monthly
$
Consolidation loan APR
12.5%
Consolidation term
You pay now
$255.00
Consolidated payment
$186.73
Lower each month by
$68.27
Your next best moveConsolidating saves $3,136.
Compare consolidation loansPaying the minimums clears $8,300 in 4 yrs 10 mos with $6,040 of interest. Consolidating over 5 yrs costs $2,904. A lower monthly payment over a longer term can still cost more overall - compare the interest, not just the payment.
Estimates only, based on the figures you enter, not an offer of credit. Your actual rate and payment depend on the lender and your circumstances.
Reading your result
| Your result | What it means |
|---|---|
| You pay now | Your current monthly payment across all the debts you entered. |
| Consolidated payment | The estimated monthly payment on the new loan using the rate and term you chose. |
| Monthly difference | How much higher or lower the new payment would be. Check total interest too, since a lower payment can cost more over a longer term. |
What your numbers could mean
| Your result | What it could mean |
|---|---|
| Lower payment, similar or lower total interest | You may pay less each month without increasing the overall cost of the debt. |
| Lower payment, higher total interest | You get more room in your monthly budget, but may pay more overall because repayment takes longer. |
| Little or no monthly savings | Consolidation may simplify several payments into one, but the new loan may not improve the cost enough to make a meaningful difference. |
| Higher consolidated payment | The term may be too short for the rate you entered. A longer term could lower the payment, but check how it changes total interest. |