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Should you consolidate?
A lender’s calculator compares its loan against paying the minimum, which every loan beats. This compares it against what you already pay each month — the decision you are actually making — and tells you when the answer is no.
What you owe now
Nothing here is sent anywhere. The maths runs in your browser, and closing the page forgets it.
The consolidation loan you have been offered
The fee is usually taken out of the money you receive, so you borrow more than you owe to clear the same balances. This counts it.
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
includes $632 fee
Per month
$301
For reference
Paying only the minimum on these balances takes 44 yr 1 mo and costs $38,575 in interest. This is the comparison a lender’s calculator shows you, because every loan beats it.
This is an estimate, not advice. It assumes fixed rates, no new spending on the cards, and payments made on time. Before you borrow, talk to a non-profit credit counsellor accredited by the NFCC — their advice is usually free. 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.