Keep your debts
- Monthly payment
- $610
- Debt-free in
- 5 yrs 1 mo
- Interest
- $14,592
- Fees
- $0
- Total cost of borrowing
- $14,592
DEBT CONSOLIDATION CALCULATORWill Consolidating
Will Consolidating
Save You Money?
Enter each debt, then compare keeping them, a consolidation loan and a balance transfer card. See the monthly payment, payoff date and total cost of each choice.
Financial information
Your comparison
Consolidation loan
Lowest payment
- Monthly payment
- $575
- Debt-free in
- 4 yrs
- Interest
- $6,561
- Fees
- $1,053
- Total cost of borrowing
- $7,614
Saves $6,977 vs. keeping your debts
Balance transfer card
Lowest total cost
- Monthly payment
- $610
- Debt-free in
- 3 yrs 2 mos
- Interest
- $2,164
- Fees
- $600
- Total cost of borrowing
- $2,764
Saves $11,827 vs. keeping your debts
With these numbers, the balance transfer card costs the least in total, saving about $11,827. Check that its monthly payment fits your budget before you decide.
- At $610 a month the card is not cleared before the intro rate ends. Paying about $1,144 a month would clear it in time.
- A card issuer may approve a credit limit lower than your total debt, and intro rates usually need good credit.
Estimates assume fixed rates, on-time payments and no new charges. They are not offers; your rate, fee, credit limit and approval come from the lender or card issuer. Nothing you enter leaves your browser.
How the Comparison Works
Keeping your debts
Each debt keeps its own rate and payment until it is paid off. The longest one sets your debt-free date. If a payment does not cover its monthly interest, that debt never clears.
Consolidation loan
The origination fee is usually taken from the loan, so you borrow more than you owe to receive enough cash. The fee counts as a cost, alongside the interest over the full term.
Balance transfer card
The transfer fee is added to the card balance. The intro rate applies first, then the later rate applies to whatever remains. You choose the monthly payment.
Total cost of borrowing
Interest plus fees for each option, so you compare what each choice costs beyond the debt you already owe, not only the monthly payment.
Common Questions
Is debt consolidation worth it if my payment goes up?
It can be. A higher payment on a shorter loan often cuts the total interest, but only if the payment fits your budget every month. The calculator shows both numbers side by side.
How much should I borrow if the lender charges an origination fee?
Divide what you owe by one minus the fee. For $19,000 of debt and a 5% fee, you would borrow about $20,000 so that $19,000 reaches you after the fee.
When does a balance transfer beat a consolidation loan?
Usually when you can clear the balance, fee included, before the intro rate ends. If a large balance is left when the later rate starts, a fixed-rate loan can cost less.
Does the calculator include my credit score?
No. Rates depend on your credit and the lender. Enter rates from real quotes or prequalification offers for the most useful result.
Keep Reading
Consolidation loans explained Using a personal loan for debt consolidation Debt consolidation vs. a debt management plan Does debt consolidation hurt your credit? Personal loan payment calculator
This is an estimate for comparison. Your actual rate, fee, credit limit and approval come from the lender or card issuer. Compare published lender terms →