Pay minimums only
$563.00 a month
- Debt-free in
- 45 months
- Interest and fees
- $7,544.53
- First month
- $563.00
+$4,419.27 more
Tool · Debt payoff
List what you owe. See how long it takes and what it costs to pay minimums, to add an extra amount aimed at the highest rate, or to roll everything into one consolidation loan, side by side.
3 debts totalling $17,700.00, minimums $563.00 a month, $200.00 extra highest rate first; consolidation 11.5% for 48 months.
Consolidate, keep paying $763.00 costs the least.$4,419.27 less than paying minimums only, and debt-free 17 months sooner.
$563.00 a month
+$4,419.27 more
$763.00 a month
+$1,178.96 more
11.5% · 48 mo · $547.42 fee
+$2,025.48 more
11.5% · $763.00 a month
Lowest cost
Paying $200.00 extra a month, highest rate first, makes you debt-free in 29 months and costs $4,304.22 in interest, against 45 months and $7,544.53 paying minimums only. Consolidating at 11.5% over 48 months costs $5,150.74 in interest and fees, or $3,125.26 in 28 months if you keep paying $763.00 a month. On these numbers, "Consolidate, keep paying $763.00" costs the least.
| Line | Pay minimums only$563.00 a month | Pay $200.00 extra, highest rate first$763.00 a month | Consolidate11.5% · 48 mo · $547.42 fee | Consolidate, keep paying $763.00Lowest cost11.5% · $763.00 a month |
|---|---|---|---|---|
| Owed today | $17,700.00 | $17,700.00 | $17,700.00 | $17,700.00 |
| Amount financed | $17,700.00 | $17,700.00 | $18,247.42 | $18,247.42 |
| Fees | $0.00 | $0.00 | $547.42 | $547.42 |
| Monthly payment, first month | $563.00 | $763.00 | $476.06 | $763.00 |
| Months to debt-free | 45 | 29 | 48 | 28 |
| Total of payments | $25,244.53 | $22,004.22 | $22,850.74 | $20,825.26 |
| Total interest | $7,544.53 | $4,304.22 | $4,603.32 | $2,577.84 |
| Payoff order | Personal loan month 37, Card A month 45, Card B month 45 | Card A month 21, Card B month 25, Personal loan month 29 | one loan | one loan |
| Interest and fees, total cost | $7,544.53 | $4,304.22 | $5,150.74 | $3,125.26 |
Balance remaining, month by month
Debts today: Card A $6,500.00 at 24.99% (minimum $195.00); Card B $3,200.00 at 19.99% (minimum $96.00); Personal loan $8,000.00 at 14% (minimum $272.00). Total owed $17,700.00; minimums $563.00 a month. Each month, every debt: interest = balance × rate ÷ 12, then the minimum is paid, then any extra goes to the highest rate first debt. When a debt reaches zero its minimum joins the extra. Pay minimums only: debt-free in 45 months, interest $7,544.53, total paid $25,244.53. Order: Personal loan month 37, Card A month 45, Card B month 45. Pay $200.00 extra: first-month payment $763.00; debt-free in 29 months, interest $4,304.22, total paid $22,004.22. Order: Card A month 21, Card B month 25, Personal loan month 29. Consolidate: amount financed = ($17,700.00 + $0.00) ÷ (1 − 3%) = $18,247.42, fee $547.42 deducted; payment at 11.5% over 48 months = $476.06; total paid 476.0571 × 48 = $22,850.74; interest $4,603.32; interest and fees = $22,850.74 − $17,700.00 = $5,150.74; estimated APR 13.14%. Consolidate and keep paying $763.00: same $18,247.42 at 11.5%, cleared in 28 months; total paid $20,825.26; interest and fees $3,125.26. Minimums are held at today's amount. Card minimums that shrink with the balance make the minimum-only path slower and costlier than shown.
Comparing consolidation offers from more than one lender? Compare them on the same cash in hand. Replacing a single loan? See whether refinancing helps.