How much money can you save by consolidating your loans?
Do you have multiple credit cards and/or loans outstanding? Find out how much you
could save money by consolidating them into one loan with a lower APR.
Enter your preliminary loan terms as well as your current credit card’s APR.
Credit Card #1
If you do not have a loan offer, you can use the following APR ranges to predict what you may be able to qualify for based on your credit score:
Excellent (9% - 12%); Good (13% - 17%); Average (18% - 23%); Bad (24% - 35%); Poor (Unlikely to qualify)*
What are the assumptions used in this calculator?
(1) Assumes you make the same monthly credit card payment until the balance is paid off, versus a paying a % of the outstanding balance. Paying a % would result in a longer repayment time and higher interest expense.
*APR estimates based off NerdWallet Inc.’s 2016 survey of lender.
What does it mean?
By consolidating your outstanding debt into one, lower-interest loan, you could save -- on your monthly payment, which in the end totals to -- over the life of your loan. In addition, taking out a new loan will cut -- monthly payments, allowing you to become debt free much quicker!
Based on the new loan info you’ve entered, you are better off keeping your current debt. In order to save money by consolidating your debt, you will need to take out a loan with a shorter term or a lower interest rate than the average APR you’re paying on your current debt. Try changing the new loan inputs to find a loan that would make sense for you.