Check whether rolling several debts into one loan actually saves you money.
Consolidation is a genuine win when the new loan carries a meaningfully lower APR, the fees don't eat the savings, and you don't extend the term so far that extra years of interest wipe out the rate benefit. This calculator computes both scenarios fully so you can make an apples-to-apples comparison. The origination fee is capitalised into the loan principal because that's how lenders typically structure it.
Weighted-average current rate
Blended rate = Σ (balance_j × rate_j) / Σ balance_j
New payment
Payment = (Principal + Origination fee) × rate / (1 − (1 + rate)^−n)
If the new loan stretches your repayment from, say, 24 months to 60 months, you're paying interest for more than twice as long. A lower rate applied over a much longer term can easily cost more total interest than a higher rate paid off quickly.
For each debt, multiply its balance by its APR; sum those products; then divide by your total balance. For example, a $10,000 debt at 25% and a $5,000 debt at 15% gives a blended rate of (10,000×25 + 5,000×15)/15,000 = 21.67%.
Typically yes, in two ways: the hard inquiry when you apply temporarily lowers your score, while paying off revolving card balances improves your credit utilisation ratio, which is beneficial long-term. This calculator handles the math only.