Your debts today versus one consolidation loan

How the comparison works

For your current debts, we pay each balance down at the monthly payment you enter, with interest charged monthly and no new spending, and add up the interest. For the consolidation loan, we size the loan so that after the fee it pays off every balance, then calculate a fixed-rate loan at the rate and term you enter.

The comparison shows both the monthly payment and the total cost. A consolidation loan with a long term can lower the payment while costing more overall. The worked cases in Does debt consolidation save money? show how.

Limits

• Card interest is usually charged on the average daily balance, and minimum payments fall as balances drop, so real payoffs at the minimum are slower than shown.
• The loan rate is what you type in. Your actual offer depends on your credit and the lender.
• A balance transfer card is another option; see balance transfer versus a consolidation loan.