Debt payoff comparison
Debt consolidation loan comparison worksheet
Compare entered balances, APRs, payments, payoff time, and fees for current debts versus a fixed-rate consolidation loan offer.
Compare entered repayment terms for debts you have now with one fixed-rate installment-loan offer. Use written terms when available. This worksheet does not estimate approval, predict a rate, or recommend borrowing.
Enter at least one current debt and the written loan terms.
The model uses fixed APRs, APR ÷ 12 monthly interest rounded to cents, and month-end payments. Each current monthly payment stays fixed until its balance is paid; the new loan uses an amortizing payment over the entered term. The origination fee is paid separately. It assumes no new charges, other fees, rate changes, missed payments, or early/late-payment differences. Confirm balances, payoff quotes, fee treatment, and all loan terms directly with creditors or the lender.
Compare total cost, not only monthly payment
A consolidation loan can combine several debts into one payment, but a lower monthly payment can reflect a longer term and cost more overall after fees. Rates, approval, loan amount, and terms vary. This worksheet only compares the fixed-rate inputs you provide and does not determine eligibility. CFPB consolidation guidance was last reviewed September 2, 2026.
The offer principal must equal the combined current balances for this comparison. The tool treats the origination fee as paid out of pocket, not financed or deducted from proceeds. If the written offer handles fees differently, account for that difference before comparing.
See the balance transfer vs. debt consolidation guide, or compare the loan terms in the personal loan calculator. For a payoff-order comparison without a new loan, use the debt snowball and avalanche calculator.
Source: CFPB: What do I need to know about consolidating my credit card debt?
How it works
Enter up to six current debts with their balances, fixed APRs, and monthly payments, then enter the written consolidation loan amount, fixed APR, term, and separately paid fee.
Good to know
Does a lower monthly payment mean the offer costs less?
Not necessarily. A longer term can lower a monthly payment while increasing total scheduled cost, including fees. Compare the full amount paid and confirm the lender's written terms. CFPB consolidation guidance last reviewed September 2, 2026.
How does this estimate compare the scenarios?
It projects each current balance using its entered fixed APR and payment, then compares that total scheduled amount with a fixed-rate amortization of the same combined starting principal. The entered origination fee is paid separately and included in the offer total. Monthly interest is APR divided by 12, rounded to cents.
Does this tell me whether I qualify?
No. The worksheet does not assess eligibility, predict an offered rate, or recommend a product. Confirm each payoff balance, loan amount, fees, rate type, and repayment schedule with the creditor or lender.
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