If you have multiple debts, especially if one or more are on credit cards, it's likely that you'll be able to save money and pay off your debt quicker by consolidating your debt to one, lower interest loan.
By understanding how consolidating your debt benefits you, you’ll be in a better position to decide if it is the right option for you.
This tool is for illustrative and educational purposes only and assumes excellent borrower credit history.
This calculator is based on making the minimum repayment amount at a 18% interest rate.
Minimum repayments are calculated as a percentage of the closing balance, typically 2 or 2.5%, or a set dollar amount, usually around $20, whichever is greater.
The above calculations assume that for each loan, the debt is repaid in equal monthly installments for the specified term with no balance left at the end of the term.