Fee amount: $320.00
Loan Amount: $16,320.00($16,000 debt + $320.00 fee)
Current Path (Keep Debts Separate)
Monthly Payment
$490.00
Total Interest
$6,241.42
Total Cost
$22,241.42
Time to Payoff
4y 6m
Consolidated Loan
Monthly Payment
$327.02
Total Interest
$3,301.16
Total Cost
$19,621.16
Time to Payoff
5 years
Monthly Savings
+$162.98
Interest Savings
+$2,940.26
Total Savings
+$2,620.26
Time Saved
None
Saving $162.98/month covers the $320.00 fee in 2 months
By consolidating your 3 debts into a single 7.5% APR loan, you could save $2,620.26 total and reduce your monthly payment by $162.98.
| Debt | Balance | APR | Min Payment | Total Interest | Payoff Time |
|---|---|---|---|---|---|
Credit Card 1 | $5,000.00 | 22.99% | $150.00 | $3,045.29 | 4y 6m |
Credit Card 2 | $3,000.00 | 19.99% | $90.00 | $1,414.23 | 4y 2m |
Personal Loan | $8,000.00 | 12.5% | $250.00 | $1,781.90 | 3y 4m |
| Total | $16,000.00 | 17.2% avg | $490.00 | $6,241.42 | 4y 6m |
| Month | Current Balance | Current Payment | Consolidated Bal. | Consolidated Pmt. | Cumulative Savings |
|---|---|---|---|---|---|
| 1 | $15,739.10 | $490.00 | $16,094.98 | $327.02 | -$157.02 |
| 2Break-even | $15,474.76 | $490.00 | $15,868.55 | $327.02 | +$5.96 |
| 3 | $15,206.93 | $490.00 | $15,640.71 | $327.02 | +$168.94 |
| 4 | $14,935.55 | $490.00 | $15,411.45 | $327.02 | +$331.92 |
| 5 | $14,660.59 | $490.00 | $15,180.75 | $327.02 | +$494.90 |
| 6 | $14,381.99 | $490.00 | $14,948.61 | $327.02 | +$657.88 |
| 7 | $14,099.69 | $490.00 | $14,715.02 | $327.02 | +$820.86 |
| 8 | $13,813.64 | $490.00 | $14,479.97 | $327.02 | +$983.85 |
| 9 | $13,523.79 | $490.00 | $14,243.45 | $327.02 | +$1,146.83 |
| 10 | $13,230.08 | $490.00 | $14,005.45 | $327.02 | +$1,309.81 |
| 11 | $12,932.47 | $490.00 | $13,765.97 | $327.02 | +$1,472.79 |
| 12 | $12,630.88 | $490.00 | $13,524.99 | $327.02 | +$1,635.77 |
| Metric | Current | Consolidated | Difference |
|---|---|---|---|
| Monthly Payment | $490.00 | $327.02 | +$162.98 |
| Total Interest | $6,241.42 | $3,301.16 | +$2,940.26 |
| Total Cost | $22,241.42 | $19,621.16 | +$2,620.26 |
| Payoff Time | 4y 6m | 5 years | Same |
| Number of Payments | 3 debts | 1 payment | Simplified |
| Effective APR | 17.18% avg | 7.50% | -9.68% |