Compare your current combined monthly debt payments against a single consolidation loan to see how your monthly payment would change.
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Your current combined monthly payment is simply the sum of each debt's minimum payment. The new consolidated payment amortizes the total balance of all your debts as a single loan at the consolidation rate and term you enter, using the standard loan payment formula.
A lower monthly payment on the new loan usually comes from a lower interest rate, a longer term, or both, a longer term can lower your monthly payment while increasing total interest paid, so check both figures.
Consolidation tends to help when it meaningfully lowers your interest rate, for example replacing high-rate credit card debt with a lower-rate personal loan. It can backfire if it just stretches the same or a higher rate over a much longer term, increasing total interest despite a lower monthly payment.
Leave the unused debt fields blank, they're excluded automatically and won't affect the calculation.
Not necessarily. A lower payment achieved mainly by extending the loan term can mean paying more in total interest over time, compare the new loan's total interest against what you'd pay continuing your current debts to see the full picture.
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