Credit Card Consolidation Loan CalculatorA credit card consolidation loan allows you to pay off your high interest credit cards with a low interest bank loan. If you have good credit and high enough income, you can get a credit card consolidation loan from a bank and save a lot of money on interest. How much money can you save with a credit card consolidation loan? Find out with the Credit Card Consolidation Calculator!
How to Use the Credit Card Consolidation Loan Calculator
Update the Current Credit Cards section with the information from your current credit cards. Enter the credit card balance, interest rate, and monthly payment that you are making. The Credit Card Consolidation Calculator can process up to 4 credit cards. If you have less than 4 credit cards, simply enter a zero balance for the extra credit cards in the calculator.
Next, click "Compute" in the Step 1 green box. This will calculate the payoff time, total of payments, and total interest cost to pay off each of your credit cards. Your total credit card balance, total monthly payment, and total cost to pay off your current credit cards is calculated and shown in the Current Credit Card Summary section of the calculator.
Example values will be automatically entered under the Credit Card Consolidation section. The total credit card balance will be filled in, an interest rate of 6% will be entered, and your total monthly payment on your current credit cards will be used as your payment on your credit card consolidation loan.
The payoff time, total of payments, and total interest paid for the example consolidation loan is calculated. The blue section shows the total savings achieved with a credit card consolidation loan.
You can change the interest rate or monthly payments for the consolidation loan and click "Compute" in Step 2 to update the results. You may want to try making a higher monthly payment to pay off your loan faster and save even more money on interest.