Got debts spread across cards and loans? See whether rolling them into one consolidation loan would lower your monthly payment — and whether it costs more overall.
A lower monthly payment over a longer term can still mean paying more interest overall. Compare the total cost, not just the monthly figure.
It replaces several debts with one loan and one monthly payment. The calculator compares your current total payments and interest with a single consolidation loan so you can see whether it actually saves money.
No. A lower monthly payment spread over a longer term can mean more interest in total. Consolidation helps most when the new rate is lower than your existing debts and you do not stretch the term too far.
Applying for a new loan involves a credit check, and closing old accounts changes how much of your available credit you use. Used to clear high-interest debt and kept up with, consolidation can help over time, but missed payments do harm.
These results are estimates for general information only and are not financial advice. Check every figure yourself and seek appropriate advice from a qualified professional before making any decision. Read the full disclaimer.