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Compare consolidating debts vs keeping separate — see new payment, total interest and months saved.
Compare consolidating debts vs keeping separate — see new payment, total interest and months saved.
Enter values above and click Calculate — results will appear here with the formula explained.
Current debts each accrue at own APR. Consolidation combines balances into one loan at new rate and term. Savings is old total interest minus new.
This assumes you can get new rate and pay same total monthly. If new payment lower but term longer, total interest may still be higher.
For YMYL, consolidation helps if new rate is at least 3-5% lower and you stop adding new debt.
Compare consolidating debts vs keeping separate — see new payment, total interest and months saved. Formula: Current total interest = sum of each debt amortized at its rate with minimums. Example: With $8k at 22% and $12k at 18% ($20k total), $600/mo current: total interest ~$8k.
Current debts each accrue at own APR. Consolidation combines balances into one loan at new rate and term. Savings is old total interest minus new.
This assumes you can get new rate and pay same total monthly. If new payment lower but term longer, total interest may still be higher.
For YMYL, consolidation helps if new rate is at least 3-5% lower and you stop adding new debt.
With $8k at 22% and $12k at 18% ($20k total), $600/mo current: total interest ~$8k. Consolidating $20k at 12% for 5y: payment $445, total interest $6,700, saving ~$1,300 and lower payment.
Formulas are standard public references (see our methodology). External standards are cited in the text where they apply.
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