Merge balances into one simple repayment plan. Review monthly cost, total interest, and payoff progress. See savings clearly before choosing your next loan move.
| Debt | Balance | APR | Monthly Payment |
|---|---|---|---|
| Credit Card A | $6,500.00 | 24.99% | $210.00 |
| Credit Card B | $4,800.00 | 19.50% | $155.00 |
| Personal Loan | $7,200.00 | 13.25% | $245.00 |
| Store Card | $1,500.00 | 28.00% | $65.00 |
| Consolidation APR | 10.49% for 48 months with 3% fee | ||
You can use this sample to test the calculator and compare existing debt costs with one new repayment plan.
Monthly loan payment: M = P × r ÷ (1 - (1 + r)^-n)
P is principal, r is monthly interest rate, and n is total months.
Monthly interest: Interest = Current Balance × Monthly Rate
Principal paid: Principal = Payment - Interest
Ending balance: Ending Balance = Beginning Balance - Principal Paid
Weighted current APR: Sum of each balance × APR, divided by total balance.
Finance cost comparison: Total Paid - Original Debt Balance. This helps compare current debts with the new loan including any fee.
Debt consolidation combines several balances into one loan. This can reduce payment stress. It can also create one due date. Many borrowers like the simpler routine. A lower APR may cut interest cost. A longer term may lower the payment. However, it can also increase total cost if repayment stretches too long.
This calculator compares your current debts with one new consolidation loan. It reviews balance totals, weighted APR, total interest, finance cost, and payoff time. It also considers an origination fee. Some lenders finance that fee into the loan. Others charge it upfront. This tool supports both cases. That gives you a better estimate before you apply.
The monthly payment matters more than many people expect. A lower payment may improve cash flow now. Still, it can lengthen repayment. That often means more interest over time. An extra payment can reverse that trend. Even a small monthly increase can shorten payoff time. It can also improve your total savings result. The chart helps show this difference month by month.
Always compare APR, term, fees, and total paid. Do not focus only on the monthly payment. A loan with a lower payment can still cost more overall. Review whether the new loan includes a fee. Check if you plan to close old accounts or keep them open. Good debt management also requires spending control. Consolidation works best when new balances do not build again.
Use the estimate as a planning tool. It is not a formal offer. Real approval depends on credit profile, income, and lender rules. Still, this calculator gives a strong first look. It can help you compare options quickly. It can also support smarter budgeting decisions before you move forward with any debt consolidation strategy.
It estimates a new consolidation payment, payoff time, total interest, finance cost, and possible savings compared with your current debts.
No. A lower payment can come from a longer term. That may reduce short-term pressure but increase total borrowing cost.
An origination fee increases the real cost of borrowing. It should be included when comparing debt consolidation offers.
Extra payment usually reduces interest and shortens payoff time. This calculator adds that amount to the scheduled new loan payment.
No. This page is an independent educational calculator. It helps with planning and comparison only.
No. Final APR, fee, and approval depend on lender underwriting, credit score, income, and repayment profile.
Finance cost is total paid minus original debt balance. It helps compare the true cost of current debts versus consolidation.
That depends on your habits and credit goals. Some borrowers close cards for discipline. Others keep them open and unused.
Important Note: All the Calculators listed in this site are for educational purpose only and we do not guarentee the accuracy of results. Please do consult with other sources as well.