Debt Consolidation Calculator
Monthly Savings: $94.00
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| Current Debts | Consolidation | Savings | |
| Monthly Payment | $650.00 | $556.00 | $94.00 |
| Total Balance | $25,000.00 | $25,000.00 | $0.00 |
| Weighted Avg. Rate | 19.43% | 12.50% | -6.93% |
| Payoff Time | 8.2 years | 5.0 years | -3.2 years |
| Total Interest | $38,840.00 | $8,360.00 | $30,480.00 |
| Total Cost | $63,840.00 | $34,360.00 | $29,480.00 |
| Origination Fee | $0.00 | $500.00 | -$500.00 |
| Closing Costs | $0.00 | $500.00 | -$500.00 |
| Net Savings | $63,840.00 | $35,360.00 | $28,480.00 |
| Break-even Point | 10.6 months | ||
Debt Payoff Comparison
Individual Debt Analysis
| Debt | Balance | Rate | Min Payment | Payoff Time |
|---|---|---|---|---|
| Debt #1 | $8,000 | 18.5% | $200 | 5.2 years |
| Debt #2 | $12,000 | 22.9% | $300 | 6.8 years |
| Debt #3 | $5,000 | 15.9% | $150 | 4.1 years |
| Total | $25,000 | 19.43% | $650 | 8.2 years |
Consolidation Benefits
| Benefit | Amount |
|---|---|
| Monthly Payment Reduction | $94.00 |
| Interest Rate Reduction | 6.93% |
| Time Savings | 3.2 years |
| Total Interest Savings | $30,480 |
| Upfront Costs | $1,000 |
| Net Savings | $29,480 |
Recommendation
✓ Consolidation is Recommended
You'll save $94 per month and $29,480 in total interest. The consolidation loan will pay off 3.2 years earlier than your current debts.
You'll save $94 per month and $29,480 in total interest. The consolidation loan will pay off 3.2 years earlier than your current debts.
Note: This analysis assumes you make only minimum payments on current debts. Results may vary based on actual payment behavior and loan terms.