Compare current debt payoff time and cost with a new consolidation loan payment, fees, monthly payment change, and total cost change.
$18,300 consolidated at 10.5%
A lower payment can still cost more if the new term is much longer, fees are high, the rate changes later, or the new loan uses your home or another asset as collateral.
Compare a quoted consolidation loan with your current payoff path.
Check whether a lower rate offsets fees and a new term.
Spot a lower monthly payment that could still cost more over time.
Prepare sharper questions before applying for a consolidation offer.
$594.79 new payment, about $55.21 less per month, about $2,023.05 lower total cost
Compare payment relief with total cost
Check whether lower payment hides extra total cost
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Plain-language answers about when to use the estimate, what your numbers mean, what is left out, and how privacy works.
Use it when you want to test the exact inputs on this page: Compare a quoted consolidation loan with your current payoff path. Check whether a lower rate offsets fees and a new term. The result is a check against your assumptions, not proof that a lender, tax app, broker, platform, or provider will use the same number.
Total current debt means the balances you would actually roll into the new loan. Current average rate means the weighted average annual rate on those debts, not the lowest card rate. Current monthly payment means the total amount you are already paying toward those debts each month. New loan rate means the annual rate from the real offer or the rate you are testing. New loan term means how many years the new loan would run. Fees added means origination, transfer, closing, or setup fees that become part of the new cost.
Yes. A lower monthly payment can come from stretching the debt over more years. Always compare total paid, fees, and the new term, not only the monthly number.
No. Lenders still check credit, income, debt-to-income ratio, collateral, and their own rules. This page only compares the math after you enter a possible offer.
In plain language: The calculator estimates the current payoff path, adds entered fees to the new loan principal, calculates the new fixed payment, then compares payment size and total paid. $18,000 at 18% with a $650 current payment compared with a 10.5% three-year consolidation loan plus a $300 fee estimates a $594.79 new payment, about $55.21 less per month, and about $2,023.05 lower total cost.
Start with total cost change, then check monthly payment change. A smaller payment only helps if the full cost, fee, term, and risk still make sense.
This does not decide approval, credit score impact, teaser-rate risk, home-equity risk, hardship plans, settlement offers, or whether taking new debt is a good idea. Before signing, compare the Loan Estimate or offer paperwork, ask about fees and rate changes, avoid debt-relief scams, and consider a nonprofit credit counselor when the debt is hard to manage.
Check the balances, weighted current rate, total current payment, real offered APR, fees, loan term, teaser-rate rules, and whether new borrowing fixes the reason the debt grew.
Yes. Add any fee that makes the new path more expensive. If a fee is charged separately, still compare it because it changes whether consolidation is worth it.
Be careful. Home-equity consolidation can put your home at risk if payments are late. Use this estimate as a math check, then read the loan documents and get qualified advice.
No. The calculator runs in your browser tab. Recent answers stay only on the page while you use it, and they are not sent to a server.