Your debts now versus one consolidation loan
List your current balances, rates and payments, then compare them with a single consolidation loan by total cost, not just the monthly payment.
How this comparison works
List the debts you’d consolidate — each balance, its rate, and your current monthly payment — then describe one consolidation loan: an amount, a rate, a term, and any fee. The tool works out what you’d pay in total on your current path and on the consolidation path, and shows the difference in both the monthly payment and the full cost.
Total cost, not just the payment
A consolidation loan almost always lowers the monthly payment, because it can stretch the balance over more months. That’s not the same as saving money. The tool keeps the two separate: a lower payment is shown as a lower payment; more total interest is shown as a higher cost. Consolidation helps when the new APR is lower and the term isn’t stretched so far that the extra months erase the gain.
The assumptions
Current debts are treated as if you keep paying the amounts you entered until they clear. Real cards are revolving, so if you keep charging on them, your actual path costs more — one reason consolidation backfires for some people.
What it can’t tell you
- The rate you’d be offered on a consolidation loan.
- Whether you’ll keep the paid-off cards at a zero balance — the math assumes you do.
- Whether a balance transfer, counseling plan or a different route fits better. See the four routes.