Credit Card Consolidation Calculator
Compare your current credit card debt to a consolidation loan and see exactly how much you could save in interest
Total Debt
$10,000
3 cards
Avg. APR (Current)
22.5%
weighted average
Interest Savings
$16,026
vs. minimum payments
New Monthly Payment
$254
vs. $210/mo mins
Current Cards (Minimum Payments)
Consolidated Loan
Consolidating saves you $16,026 in interest and pays off your debt 119 months faster.
A credit card consolidation calculator compares your current multi-card debt situation against a single consolidation loan. It shows your weighted average APR across all cards, estimates total interest paid under minimum payments, and calculates how much interest and time you save by rolling balances into one lower-rate loan.
Formula:
Interest Savings = (Current Total Interest at Min Payments) − (Consolidation Loan Total Interest)Current total interest is estimated by running each card's balance to payoff at its minimum payment. Consolidation interest uses the standard loan amortization formula: Payment = P × r / (1 − (1+r)^−n), where r is monthly rate and n is term in months.
- 1
Enter each credit card's balance, APR, and current minimum payment
- 2
Set the consolidation loan interest rate — check pre-qualification offers from your bank or credit union
- 3
Choose your desired repayment term (12–84 months)
- 4
Review the side-by-side comparison of total interest and monthly payments
- 5
Use the savings figure to decide if applying for a consolidation loan is worthwhile
- The average credit card APR is over 20% — consolidation loans often offer 10–14% for good-credit borrowers
- Minimum payments are designed to keep you in debt for 10–20 years, maximizing bank profits
- A single monthly payment reduces the chance of missed payments that trigger penalty APRs
- Consolidation can improve your credit score by reducing utilization across multiple cards
- •Check pre-qualification with multiple lenders — it uses a soft pull and won't hurt your credit score
- •Look for personal loans with no origination fee (some charge 1–8% of the loan amount upfront)
- •A 0% balance transfer card beats a personal loan if you can pay off the full balance in the promo period
- •Keep old credit cards open after consolidating — closing them raises your utilization and hurts your score
- •Don't use the freed-up credit card space for new spending while paying off the consolidation loan
Credit Card Payoff Calculator
Model payoff with accelerated payments on individual cards
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Calculate personal loan payments and total cost
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Build a budget to free up cash for faster debt payoff
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Frequently Asked Questions
What is credit card consolidation?
Credit card consolidation means combining multiple high-interest credit card balances into a single loan — typically a personal loan, balance transfer card, or home equity loan — at a lower interest rate. This simplifies repayment and reduces total interest paid.
What credit score do I need to consolidate credit card debt?
Most lenders require a credit score of 650+ for a personal loan at a competitive rate. Scores of 720+ typically qualify for the best rates (under 12%). Balance transfer cards with 0% intro APR usually require 700+. Check pre-qualification offers that use soft pulls so you don't hurt your score.
Is a balance transfer or personal loan better for consolidation?
A 0% balance transfer card is best if you can pay off the full balance within the promo period (usually 15-21 months) since you avoid all interest. A personal loan is better for larger balances or longer payoff timelines where you need a predictable fixed payment.
Does consolidating hurt my credit score?
Initially, consolidation may lower your score slightly due to a hard inquiry. However, it typically improves your score over time by reducing your credit utilization ratio (if you keep the old cards open with $0 balance) and by building a consistent payment history on the new loan.
Should I close my credit cards after consolidating?
Generally no. Closing cards reduces your total available credit, which increases utilization and can shorten your average account age — both hurt your credit score. Keep them open with a $0 balance unless annual fees are too costly.