Compare debt consolidation options. See how much you can save by combining multiple debts into one lower-rate loan.
Interest Savings
$4,022
You save this much!
New Payment
$254
4 year term
Enter each debt you want to consolidate
Enter proposed consolidation loan details
Consolidating at 10% will save you $4,022 in interest and you'll be debt-free 15 months faster. Your payment decreases by $46/month.
| Current Debts | Consolidated | Difference | |
|---|---|---|---|
| Total Balance | $10,000 | $10,000 | - |
| APR | 22.9% | 10% | -12.9% |
| Monthly Payment | $300 | $254 | -$46 |
| Time to Payoff | 5y 3m | 4y 0m | -15 months |
| Total Interest | $6,196 | $2,174 | -$4,022 |
| Total Cost | $16,196 | $12,174 | -$4,022 |
See how the consolidation APR affects your savings
4 insights based on your inputs
Your average APR of 22.9% is quite high. Even a modest consolidation rate of 10-12% could save you significant money.
Consolidating at 10% would save you $4,022 in interest. This is a good opportunity to simplify your payments.
Managing 3 different payments can be stressful. Consolidation gives you one payment date, one lender, and one interest rate to track.
Explore other tools that might help
Interest Savings
$4,022
You save this much!
New Payment
$254
4 year term
Debt consolidation combines multiple debts into one loan, potentially at a lower rate. Use our calculator to compare total interest and payoff time. Consolidation makes sense when the new rate is lower and you won't accumulate new debt.
Debt consolidation combines multiple debts into a single loan, ideally at a lower interest rate. Benefits include one monthly payment, potentially lower rates, and fixed payoff timeline. Options include personal loans, balance transfer cards, home equity loans, and debt management programs.
Consolidate when: you qualify for a lower rate than current weighted average, you can pay off within 3-5 years, you won't add new debt, and fees don't outweigh savings. Don't consolidate if underlying spending issues aren't addressed or if it extends repayment significantly.
Short-term: hard inquiry and new account may lower score 5-10 points. Long-term: can improve score by lowering credit utilization and establishing positive payment history. Closing old accounts after consolidation may hurt length of credit history.
Personal loans (5-12% for good credit), 0% balance transfer cards (3-5% fee, 12-21 months), home equity loans (lower rates, tax deductible), 401k loans (risk retirement savings), and nonprofit debt management plans. Each has different requirements and tradeoffs.
Compare total cost: (new payment × months) + fees vs. (current payments × months to payoff). Factor in: origination fees (1-8%), balance transfer fees (3-5%), and prepayment penalties on existing debt. Savings should exceed fees for consolidation to make sense.
Interest Savings
$4,022
You save this much!
New Payment
$254
4 year term