Debt consolidation calculator Lower payment, or lower cost?

A lower payment and a lower total cost aren't the same thing. Compare monthly payments, payoff time and interest.

About this estimate

Illustrative assumptions: $30,000 balance / amount financed for each alternative; $0 purchase down payment, prepaid finance charges, points or recurring loan fees; fixed monthly-rate model, no new borrowing.

Existing debt: 24.000% interest rate · 24.000% APR · 56-month payoff · $0.00 down · 55 monthly payments of $900.00, then $432.52 in month 56; $30,000.00 balance — about $19,900 interest.

New home-equity loan: 7.000% interest rate · 7.000% APR · 30-year fixed · $0.00 down · 360 monthly P&I payments of $199.59; $30,000.00 loan — about $41,900 interest.

Keep paying $900 voluntarily: 7.000% interest rate · 7.000% APR · 38-month payoff · $0.00 down · 37 monthly payments of $900.00, then $157.72 in month 38; $30,000.00 balance — about $3,500 interest.

First payment one month after a single advance, no balloon or prepayment penalty. Taxes, homeowners insurance, HOA and mortgage insurance excluded; actual housing obligations will be higher. Not a quote or approval; rates change daily.

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Your numbers

* Required

Debt balance to consolidate *

Current debt payments *

Current weighted APR *

Initial illustrative 20.000% interest / 20.000% APR; not a quote. This static APR applies only to the initial inputs, not your edits. New loan rate *

Initial illustrative 9.250% interest / 9.250% APR; not a quote. This static APR applies only to the initial inputs, not your edits. New loan term *

years

Keep paying the old monthly amount

Initial illustrative inputs only. The disclosures below do not update when you edit the calculator and are not quotes, approvals, or a promise of savings. Rates change daily. Everything stays in your browser; we don't see or store it.

Illustrative initial inputs:

Existing monthly-rate debt model: 20.000% interest rate · 20.000% APR · 56-month payoff · $0.00 down · 55 monthly payments of $1,800.00, then $1,290.14 in month 56; $65,000.00 balance

New fixed loan: 9.250% interest rate · 9.250% APR · 20-year fixed · $0.00 down · 240 monthly P&I payments of $595.31; $65,000.00 loan

$0 purchase down payment, prepaid finance charges, points or recurring loan fees; no new borrowing. First payment one month after a single advance; no balloon or prepayment penalty. Taxes, homeowners insurance, HOA and mortgage insurance excluded; actual housing obligations will be higher. Not a quote or approval; rates change daily.

What this tells you (and what it doesn't)

Existing debt: 24.000% interest rate · 24.000% APR · 56-month payoff · $0.00 down · 55 monthly payments of $900.00, then $432.52 in month 56; $30,000.00 balance — about $19,900 interest.

New home-equity loan: 7.000% interest rate · 7.000% APR · 30-year fixed · $0.00 down · 360 monthly P&I payments of $199.59; $30,000.00 loan — about $41,900 interest.

Keeping the same monthly payment can shorten payoff substantially. The habit matters as much as the rate; a lower required payment can still mean more total interest.

Assumptions

Existing debt assumes a constant weighted rate and monthly payment with no new spending. The new loan uses a fixed rate and term.
The calculation does not include closing costs or fees.
Securing unsecured debt with home equity can increase risk and should be reviewed carefully.

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Rates, terms, and eligibility depend on credit profile, income, property, loan program, occupancy, market conditions, and underwriting approval.

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Debt consolidation calculator Lower payment, or lower cost?

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