Credit Card Consolidation Calculator

Step 1: Enter Card Info
Credit Card #1
Balance Interest Rate Payment/Month
Step 2: Enter New Loan
Interest Rate
Loan Term
Your credit card loans can never be paid. Please increase the monthly payment amount.
BEFORE CONSOLIDATION AFTER CONSOLIDATION
BALANCE
$383
BALANCE
$483
INTEREST RATE
7.2%
INTEREST RATE
7.2%
TERM
$300
TERM
$300
MONTHLY PAYMENT
$300
MONTHLY PAYMENT
$300
TOTAL INTEREST PAID
$300
TOTAL INTEREST PAID
$300
TOTAL PAYMENT
$300
TOTAL PAYMENT
$300
TOTAL SAVINGS
$300
TOTAL SAVINGS
$300

Compare The Best Credit Card Consolidation Loans For 2018

Lender
Rates (APR)
Minimum Credit Score

Overview

Minimum Loan Amount:$5,000
Maximum Loan Amount:$100,000
Loan Terms:3, 5, 7 years
Minimum Income:$50,000

Details

Origination Fees:No
Late Fees:No
Prepayment Penalty:No
Soft Credit Check:Yes

Overview

Minimum Loan Amount:$2,000
Maximum Loan Amount:$50,000
Loan Terms:1, 2, 3 years
Minimum Income:None

Details

Origination Fees:No
Late Fees:No
Prepayment Penalty:No
Soft Credit Check:Yes

Overview

Minimum Loan Amount:$1,000
Maximum Loan Amount:$45,000
Loan Terms:3, 4, 5 years
Minimum Income:No

Details

Origination Fees:No
Late Fees:No
Prepayment Penalty:No
Soft Credit Check:Yes

Overview

Minimum Loan Amount:$1,000
Maximum Loan Amount:$50,000
Loan Terms:3, 5 years
Minimum Income:$12,000

Details

Origination Fees:0% - 8%
Late Fees:Greater of (a) 5% of payment due or (b) $15
Prepayment Penalty:No
Soft Credit Check:Yes

Overview

Minimum Loan Amount:$2,000
Maximum Loan Amount:$35,000
Loan Terms:3, 5 years
Minimum Income:None

Details

Origination Fees:1% - 5%
Late Fees:Greater of (a) 5% of payment due or (b) $15
Prepayment Penalty:No
Soft Credit Check:Yes

Overview

Minimum Loan Amount:$1,000
Maximum Loan Amount:$40,000
Loan Terms:3, 5 years
Minimum Income:None

Details

Origination Fees:1% - 6%
Late Fees:Greater of (a) 5% of payment due or (b) $15
Prepayment Penalty:No
Soft Credit Check:Yes

Overview

Minimum Loan Amount:$5,000
Maximum Loan Amount:$35,000
Loan Terms:2, 3, 4, 5 years
Minimum Income:None

Details

Origination Fees:2% - 5%
Late Fees:No
Prepayment Penalty:No
Soft Credit Check:Yes

Overview

Minimum Loan Amount:$1,000
Maximum Loan Amount:$50,000
Loan Terms:3, 5 years
Minimum Income:None, but must have at least $1,000 per month of free cash flow

Details

Origination Fees:1% - 5%
Late Fees:$10 after 15-day grace period
Prepayment Penalty:No
Soft Credit Check:Yes

Overview

Minimum Loan Amount:$2,000
Maximum Loan Amount:$35,000
Loan Terms:3, 5 years
Minimum Income:None

Details

Origination Fees:0.99% - 5.99%
Late Fees:$15
Prepayment Penalty:No
Soft Credit Check:Yes

Advertiser Disclosure

What is the best way to consolidate my credit card debt?

You can use a credit card consolidation calculator to see how much money you can save with credit card consolidation. The best credit card consolidation calculator shows you how you can lower your interest by paying down credit card debt with a personal loanand saving money in the process.

The best way to consolidate credit card debt is with a personal loan. A personal loan is an unsecured loan typically from $1,000 – $100,000. A personal loan, which is also known as a credit card consolidation loan, can be used for debt consolidation, home improvements, medical bills and other major life purchases such as an engagement ring, wedding or honeymoon.

Let’s use this credit card consolidation calculator to see how much money you can save. Let’s assume that you have $20,000 of credit card debt at a 15% interest rate and you pay $300 per month. That means it would take you 12 years and $43,200 to repay your original $20,000 of credit card debt. However, as shown in this credit card consolidation loan calculator, you can save substantially through credit card consolidation. Let’s assume you qualify for a 7% personal loan payable over 5 years. Your monthly payment would increase to $396 per month, but you would pay off your loan in 5 years rather than 12 years. Your savings through a credit card consolidation loan would be $19,439.

Are debt consolidation loans bad for your credit?

Credit card consolidation loans are not bad for your credit if you manage your credit wisely. A credit card consolidation calculator shows you how much money you can save through debt consolidation.

If you have credit card debt, you are likely paying a relatively high-interest rate, which could range from 10-20%. Based on the credit profile, debt-to-income ratio, monthly cash flow and other factors, you could qualify for a lower rate. That lower rate through a personal loan can save you substantial money and help pay off credit card debt faster.

Plus, with a credit card consolidation loan, you can increase your credit score because you will improve your credit card utilization ratio. Your credit card utilization ratio is the ratio of your current balance to your credit line. For example, if you have a $10,000 credit limit and have a current credit card balance of $3,000, then your credit card utilization ratio is 30%.

Generally, your goal should be to maintain a relatively low credit card utilization.
When you use a personal loan to consolidate credit card debt, you can eliminate that credit utilization ratio and shift it to a personal loan. As a result, your credit score can improve.

What is a credit card consolidation calculator?

The best credit consolidation calculator helps you calculate how much money you can save through credit card consolidation. A credit card consolidation loan calculator calculates how much interest you save when you consolidate credit card debt. Also, a credit card consolidation calculator shows your new monthly payment, new total payment and how much faster you can pay off credit card debt.

How can you use a personal loan to pay off credit card debt?

If you have credit card debt, you are not alone. According to Make Lemonade, there is more than $1 trillion of outstanding credit card debt, making it the third largest consumer debt category. When you have credit card debt, you are likely paying a high-interest rate. Plus, the interest is variable rate debt, so when interest rates rise, it becomes more expensive for you to keep that debt outstanding.

You can use a low cost, fixed-rate personal loan to help you pay off that credit card debt, save money and pay off your debt faster. Typically, you can repay a personal loan in 3-7 years and lower your interest rate based on your credit profile and demonstrated financial responsibility.

The proceeds of the personal loan are used to pay off the credit card debt, and then you pay off the personal loan.

How do you use this credit card consolidation loan, calculator?

This credit card consolidation loan calculator is easy to use. Here is how it works:

Step 1: Enter your credit card debt balance.

Step 2: Enter your interest rate.

Step 3: Based on your interest rate and credit card balance, you may need to manually increase the monthly payment. The default monthly payment assumption in this credit card consolidation calculator is $250.

Step 4: Next, enter the interest rate on your personal loan. If you do not know your interest rate yet, then enter an estimated interest rate.

Step 5: Choose a loan term. Most credit card consolidation loans or personal loans are 3-7 years.

Step 6: You’re all done.

The credit card consolidation loan calculator will calculate automatically your total savings with a credit card consolidation loan.

Am I eligible for a personal loan?

This credit card consolidation calculator does not make your eligible for credit card consolidation loans or guarantee an interest rate.

To be eligible for a personal loan, you don’t need to have the best credit. Your interest rate for a personal loan will depend on several factors, which may include your credit score, debt-to-income ratio, monthly cash flow and other factors.

You can check out the latest, personalized personal loan rates and preview your new rate for free in just 2 minutes with no impact to your credit score

Where can I find the best rates for credit card consolidation?

You can check the latest, personalized credit card consolidates rates here on Make Lemonade. Get a new interest rate in just 2 minutes for free with no impact to your credit score.

Credit Card Consolidation Calculator
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