Compare consolidating multiple debts into one loan with total interest comparison, monthly savings, and breakeven timeline.
Separate balances can hide whether consolidation improves the overall payoff. Enter each debt's balance, APR, and monthly payment, then describe the proposed replacement loan using its APR, term, and applicable fee. The calculator contrasts monthly payments, projected interest, and the time required for savings to recover the consolidation cost. The common surprise is that a lower required payment does not necessarily reduce total cost. Extending repayment can increase interest even when the new APR is lower.
The calculator treats the entered debts as the baseline scenario. Their balances form the amount being consolidated, while each debt's APR and payment determine its projected payoff and remaining interest. It also totals the existing monthly payments. This preserves the effect of different rates rather than replacing them with a simple unweighted average.
The proposed loan is evaluated over its stated term using the consolidation APR and financed balance. Its payment and projected interest are compared with the existing-debt totals. Monthly savings are the difference between the two payment amounts. When an upfront fee is entered, the breakeven timeline indicates how long those monthly savings take to offset that cost.
No. The repayment term also matters. A lower rate applied for substantially longer can still produce more total interest than the existing debts. Compare the total-interest result as well as the monthly payment, and confirm that every lender fee is represented before treating the calculated difference as savings.
No. It compares the figures you enter and does not predict approval, the rate a lender will offer, or whether proceeds will cover every debt. Use an actual loan disclosure for the proposed APR, term, amount, and fees. Credit underwriting and lender eligibility decisions remain outside this calculation.
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