Compare keeping a fixed monthly payment with a proposed consolidation loan. The starting numbers are an illustration, not available rates or an offer. Replace them with current statements and a written proposal.
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How the estimate works
Current debt is treated as one balance with a fixed rate and payment. If you combine accounts, use a balance-weighted APR; actual account-by-account repayment can differ. Current repayment is limited to 600 months and must cover modeled interest. The proposed loan is amortized at the entered interest rate for the selected term.
Monthly interest is opening balance × annual rate ÷ 12, rounded to cents. The new scheduled payment rounds up to a cent; the final payment clears the remaining modeled balance. For a withheld fee, principal = debt ÷ (1 − fee percentage), rounded up to a cent. For an upfront fee, principal equals the debt and the fee is added to total out-of-pocket cost.
The model excludes daily-interest timing, variable rates, new borrowing, late fees, insurance, tax effects and lender-specific terms. It does not calculate the legally disclosed APR, credit scores, eligibility or approval. Confirm the final figures with the lender.
After you compare
A lower payment can reflect a longer term rather than a saving. Read CFPB consolidation guidance and CFPB information about installment-loan fees.