A consolidation loan only makes sense if it costs less than paying off your cards the way you are now. Enter your numbers to compare both paths side by side.
Debt Consolidation Calculator
Compare paying off your cards as you are now with rolling them into one personal loan.
Estimates only. Assumes card rates stay the same, no new charges, and a fixed-rate loan with the fee taken out of the loan amount. Consolidation only helps if you stop adding new card debt.
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How to use the results
Look at the total cost, not just the monthly payment. A longer term lowers the payment but usually means paying more interest overall.1 And compare loans by APR, which includes fees like an origination charge, not just the interest rate.2
Want the full picture first? Read how personal loans work and how to compare offers.
Sources
- What do I need to know about consolidating my credit card debt?, Consumer Financial Protection Bureau.
- What is the difference between a loan interest rate and the APR?, Consumer Financial Protection Bureau.
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