Compare current multiple debt payments against a single consolidated loan to see monthly savings and total interest reduction.
Enter the balances, APRs, and monthly payments for several debts, then describe the proposed consolidation loan. The calculator contrasts the combined current payments with the new loan payment and compares the interest remaining under each path. The common surprise is that a smaller monthly payment does not necessarily produce a cheaper payoff: extending the repayment term can increase total interest even when the consolidation APR is lower. This is a comparison of entered scenarios, not a loan offer, approval estimate, or recommendation to borrow.
For each existing debt, the calculator uses the entered balance, annual percentage rate, and monthly payment to model that balance's payoff. It then combines the payment amounts and remaining interest across the debts. Accounts with payments too small to cover accruing interest cannot produce an ordinary payoff, so the current-payment side must represent a workable repayment plan.
The proposed consolidation is treated as one installment loan with its entered principal, APR, and term. The calculated loan payment is subtracted from the combined current payments to show monthly savings. Its total interest is subtracted from the estimated interest remaining on the separate debts to show interest reduction. A negative reduction means the proposed loan costs more interest.
No. Positive monthly savings says only that the modeled consolidated payment is lower than the combined payments entered for the existing debts. A longer term can reduce the payment while raising total interest. Fees can also erase an apparent advantage if they are omitted. Compare interest, repayment length, and all borrowing costs before deciding.
A lender may use a different loan amount, term, payment date, APR, fee treatment, or rounding convention. Existing debts can also accrue interest between the latest statements and their payoff dates. No, the calculator's result is not a binding quote. Use current creditor payoff amounts and the lender's formal disclosures when evaluating an actual transaction.
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