Debt Consolidation
See how consolidating your debt using a lower interest rate can reduce interest costs.
| How many debts do you want to consolidate? |
How Many Debts
Include credit cards, car loans, personal loans, student loans and lines of credit. |
|
Current Debt Description |
Balance Owing |
Interest Rate |
Min. Payment
Percentage
Min. Payment Percentage
Some credit cards calculate the minimum payment as a percent of the balance, typically between 2% and 5%. |
Monthly Payment |
|
Credit card 1
|
10,000
Input Error
Enter higher monthly payments on the current debt. |
24.99%
|
2.50%
|
250
|
|
Credit card 2
|
10,000
|
19.99%
|
2.50%
|
250
|
|
Credit card 3
|
10,000
|
14.99%
|
2.50%
|
250
|
|
Credit card 4
|
10,000
|
2.50%
|
2.50%
|
250
|
|
Credit card 5
|
10,000
|
2.50%
|
2.50%
|
250
|
|
Credit card 6
|
10,000
|
2.50%
|
2.50%
|
250
|
|
Credit card 7
|
10,000
|
2.50%
|
2.50%
|
250
|
|
Credit card 8
|
10,000
|
2.50%
|
2.50%
|
250
|
|
Totals
|
10,000
|
2.50%
|
2.50%
|
250
|
| Consolidated Debt | |
| New interest rate |
8.00%
Input Error
Enter a lower interest rate or a longer term on the new debt. |
| Loan term (in months) |
60
|
| Loan term (in years) |
5.00
|
| New monthly payment |
202.76
|
|
Results |
Current Debt |
Consolidated Debt
Current Pmt New Pmt |
||
| Total debt |
10,000
|
10,000
|
10,000
|
|
| Interest rate |
24.99%
|
8.00%
|
8.00%
|
|
| Monthly payment |
250.00
|
250.00
|
202.76
|
|
| Years to pay off |
7.2
|
3.9
|
5.0
|
|
| Total interest |
11708.68
|
1669.54
|
2165.85
|
|
| Current Debt | Consolidated Debt |
| Total Interest Paid |
$250.00 payment and 24.99% interest rate
$250.00 payment and 8.00% interest rate
$202.76 payment and 8.00% interest rate
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