Credit Card Consolidation Calculator
for Up to 15 Credit Cards

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Help you to estimate how much you could save if you consolidate all of your card balances into a single loan.

This free online Credit Card Consolidation Calculator will calculate the payment, interest charge, and term savings from consolidating all of your credits cards into one loan.

Unlike most credit card debt calculators, this credit card consolidation calculator will also allow you to indicate whether or not you are making the declining minimum monthly payment on a given card, which can make a huge difference in calculating the consolidation savings.

If instead of consolidating your credit cards, you would rather pay them off using the rollover (snowball) method, please visit the Rapid Debt Reduction Calculator.

What's Wrong with "Those" People?!

Do you look down your nose at a person who drinks too much, eats too much, smokes, or does illegal drugs? If so, I'm sure you will agree that the one thing all of these people have in common is that they are all borrowing from tomorrow's happiness in order to subsidize their current happiness.

Well, I hate to be the one to tell you this, but if you carry balances on your credit cards and only make the minimum monthly payment, then guess what you have been guilty of? Yep, at some point in your past you chose to borrow from your future happiness to subsidize your present happiness.

If that's true for you, then please be mindful of that fact the next time you find yourself being critical of a fellow human being who is engaged in any other form of future happiness-sabotaging behavior.

If you've never experienced it, self-inflicted financial devastation and the sky-high stress levels that come with it can be every bit as hazardous to your family, your health and your happiness as any other form of "substance" abuse.

If you want to achieve the level of financial happiness that you could have been experiencing had you not borrowed from tomorrow, I suggest you pay off your credit card balances as fast as you can and adopt the following motto:

If I can't afford to pay cash for something, I can't afford it!

With that, let's use the following credit card consolidation calculator to calculate the payment, interest charge, and term savings that will occur if you consolidate all of your card balances into a one loan.

Consolidate Credit Card Debt Comparison
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Instructions: Enter the balance, interest rate and payment amount for each credit card you want to include in the consolidation loan.

Next, enter the annual interest rate and number of years for the consolidation loan and then click the "Calculate Credit Card Consolidation" button.

Mouse over the blue question marks for a further explanation of each entry field. More in-depth explanations can be found in the glossary of terms located beneath the Credit Card Consolidation Calculator.

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# Entry Columns Calculated Columns
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#
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Card
Name
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Statement
Balance ($)
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Interest
Rate (%)
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Min
Pmt
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Payment
Amount ($)
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Interest
Cost
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# of Pmts
Left
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2
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  Help Totals:    
Credit Card Consolidation Loan Terms
Help Consolidating loan's annual interest rate (%):
Help Consolidating loan's term (# of years):
Help Total of any consolidation loan fees ($):
Results Without
Consol-
idating
With
Consol-
idating
Diff +/-
Help Total of monthly payment(s):
Help Months until credit cards are paid off:
Help Total cost:
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Credit Card Consolidation Calculator Glossary of Terms

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# column: This column is just for keeping track of how many credit cards you include in your consolidation loan.

Card Name column: Enter the name of each credit card as you want them to appear on the printer friendly report.

Statement Balance column: Enter the principal balance of each credit card. If you have more than fifteen cards, I suggest you combine cards that have similar interest rates.

Interest Rate column: Enter the annual interest rate of each credit card as a percentage (for .06, enter 6%). If a certain card has more than one interest rate (1 for purchases and 1 for cash advances), enter the higher of the two. It is always best to use worse-case scenarios.

Min Pmt column: Check the box in this column for each card that you are only making the declining minimum monthly payment on. If you want the credit card consolidation calculator to show you a quick comparison of the interest cost and payoff term between fixed and minimum payments, check and uncheck the box in this column after you have filled in the balance, interest rate, and payment amount.

Payment Amount column: Enter the monthly payment for each credit card. If you are making only the declining minimum monthly payment, enter the minimum payment amount from your credit card statement.

Interest Cost column: Based on your balance, interest rate and payment amount entries, this column calculates how much interest you will pay on each credit card between now and when you make the final payment for each. Required Fields: The Statement Balance, Interest Rate and Payment Amount fields must all contain a valid entry for this column to be calculated. Tabbing out of changed fields will tell the credit card consolidation calculator to recalculate the interest cost and payoff term.

# of Pmts Left column: Based on your balance, interest rate and payment amount entries, this column calculates the number of payments remaining on each card. Required Fields: The Statement Balance, Interest Rate and Payment Amount fields must all contain a valid entry for this column to be calculated. Tabbing out of changed fields will tell the credit card consolidation calculator to recalculate the interest cost and payoff term..

Totals result row: These are your credit card stats if you pay off your credit cards one at a time.

Consolidating loan's annual interest rate: Enter the annual interest rate of the credit card consolidation loan. Enter as a percentage (for .065, enter 6.5%). For simplicity sake, the credit card consolidation calculator uses monthly compounding to calculate payments and costs.

Consolidating loan's term: Enter the term of the credit card consolidation loan in number of years.

Total of any consolidation loan fees: Enter any fees or costs associated to the credit card consolidation loan (closing costs, origination fees, etc.).

Total of monthly payment(s) result row: Total of monthly payments Without consolidation and With consolidation. A plus (+) sign in the Diff +/- column indicates the consolidation loan payment is greater than the total of your current payments. A minus (-) sign indicates the consolidation loan payment is less than the total of your current payments.

Months until credit cards are paid off result row: The number of months until credit cards are paid off Without consolidation and With consolidation. A plus (+) sign in the Diff +/- column indicates the consolidation payoff term is greater than the current payoff term. A minus (-) sign indicates the consolidation payoff term is less than the current payoff term.

Total cost result row: Total of cost (interest and loan fees) Without consolidation and With consolidation. A plus (+) sign in the Diff +/- column indicates the consolidation loan will cost you more than your current payoff interest charges. A minus (-) sign indicates the consolidation loan will cost you less than your current payoff interest charges.

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