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Should you consolidate?
A lender's calculator compares its loan with paying the minimum, which every loan beats. This one compares it with what you already pay each month, and tells you when the answer is no.
The comparison that matters
This loan costs you about $398 more
The monthly payment is lower — $301 against the $400 you pay now — which is why it feels like an improvement. But it is spread over 5 years, and stretching the term is what makes the total larger. Carrying on at $400 clears these balances in 3 yr 9 mo for about $398 less. A lower payment and a lower cost are not the same thing, and this offer trades the second for the first.
Carry on as you are
- Paid off in
- 3 yr 9 mo
- Interest
- $5,633
- Per month
- $400
Take the loan
- Paid off in
- 5 years
- Interest + fee
- $6,030
- Per month
- $301
Includes a $632 fee.
Total interest and fees
An estimate, not advice. It assumes fixed rates, no new spending on the cards and payments made on time. Never secure unsecured debt against your home to lower a payment: it turns a debt you could not be evicted over into one you could.