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Debt Consolidation Estimator
Estimate potential savings by consolidating multiple debts into a single loan.
Current Debts
New Consolidation Loan
Comparison
| Metric | Current Debts | New Loan (Consolidated) | Difference / Savings |
|---|---|---|---|
| Total Debt | $15,000.00 | $15,000.00 | - |
| Monthly Payment | $567.62 | $226.39 | $341.23 |
| Total Interest Paid | $2,438.80 | $4,016.78 | -$1,577.98 |
| Total Cost (Principal + Interest + Fees) | $17,438.80 | $19,016.78 | -$1,577.98 |
| Payoff Time | 3 years | 7 years | 0 months |
Analysis
- You'll reduce your monthly payment by $341.23, extend your debt term by 4 years, paying $1,577.98 more in interest overall.
- If you pay $50.00 extra per month, you can shorten your new loan to 5 years 6 months and save $775.02 in interest.
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