Enter up to 20 debts — names, remaining balances, monthly or minimum payments, and rates — plus the consolidation loan amount, rate, term, and fee. The calculator compares fee-adjusted APR, monthly payment, payoff time, and total interest so you can see whether combining the debts is actually cheaper.
Default example
| Existing debts | Consolidation loan | |
|---|---|---|
| APR | 18.92% | 13.25% |
| Monthly pay | $630.00 | $543.44 |
| Time to payoff | 59 months (4 years 11 months) | 60 months (5 years) |
| Loan fee | $0 | $1,250.00 |
| Upfront cash flow | $0 | −$250.00 |
| Total payments | $36,963.17 | $32,606.15 |
| Total interest | $12,963.17 | $7,606.15 |
Examples
Three cards, 5% origination
Credit card 1 is $10,000 at 17.99% paying $260. Card 2 is $7,500 at 19.99% paying $190. A high-interest debt is $6,500 at 18.99% paying $180. A $25,000 five-year loan at 10.99% with a 5% fee has a 13.25% APR versus 18.92% on the current debts, a $543.44 payment versus $630, and about $5,357 less interest. You need $250 extra at closing because $23,750 net proceeds is short of the $24,000 still owed.
Same loan with a 20% fee
Raise the fee to 20% ($5,000). The contractual payment is unchanged, but APR jumps to 21.21% — higher than the 18.92% modeled for the current payments. You would also need $4,000 extra cash to retire the old balances.
Formula
Existing debts keep a fixed total equal to the sum of the stated monthly payments. Each month, interest compounds at APR ÷ 12, minimums are paid, and any leftover (including a minimum freed when a debt clears) goes to the highest APR still owing. Combined remaining-debt APR is the IRR of that payment stream against the remaining balances.
The new loan is a standard amortizing payment on the face amount. Monthly rate r is the annual rate ÷ 12; n is years × 12 + extra months:
payment = P × r / (1 − (1 + r)^(−n))
APR from fees = 12 × IRR(payment vs P − fee)
Totals use the unrounded payment × n, then round to cents. Displayed APR is rounded to two decimals. The label reports whether the new modeled APR is lower, similar, or higher; it is not a personalized recommendation.
In the default scenario, a 15% fee produces an 18.33% modeled APR versus 18.92% for the existing payment stream. A 20% fee produces 21.21%. Review the total-payment and term rows as well as APR; a lower monthly payment can simply extend repayment.
Decision limits
The existing side assumes every current minimum stays in one fixed payment pool and rolls freed cash to the highest APR. The new side assumes a fixed-rate installment loan. The comparison excludes new charges, balance-transfer expiration, late fees, tax effects, collateral risk, and behavioral changes.