Debt Consolidation & Balance Transfer Savings Calculator
Compare paying cards as-is against a balance transfer or a consolidation loan.
Input your outstanding balances, interest rates, and current monthly payments. Add rows if you have multiple cards.
| Refinancing Metric | Current Plan | Balance Transfer | Consolidation Loan |
|---|---|---|---|
| Total Principal Refinanced | $0 | $0 | $0 |
| Upfront Fees Assessed | $0 | $0 | $0 |
| Total Interest Paid | $0 | $0 | $0 |
| Total Out-of-Pocket Cost | $0 | $0 | $0 |
| Monthly Payment | $0 | $0 | $0 |
| Months to Pay Off | 0 mos | 0 mos | 0 mos |
When you're juggling several credit card balances, the big question is whether refinancing actually saves money. This calculator lets you list your cards, then compares three routes side by side: keeping the cards and paying them down as they are, moving the balances to a promotional balance-transfer card, and rolling everything into a fixed consolidation loan. For each it estimates the total you'd pay, the interest, any fees, and how long it takes — then names the cheapest option. It all runs in your browser.
How the three scenarios are modelled
Your monthly budget is the sum of the cards' minimum payments plus any extra you add. The current plan is simulated with the avalanche method — minimums go to every card, then leftover budget attacks the highest-APR balance first. The balance transfer adds the transfer fee to the balance, applies the promo rate for the promo months, then the post-promo rate on anything left. The consolidation loan grosses up the balance to cover the origination fee, then amortises it over the chosen term. The tool spends the same monthly budget across every scenario so the comparison is fair.
Reading the recommendation
The headline savings figure is the current plan's total cost minus the cheapest alternative's total cost, so it reflects fees, interest, and time together rather than just the interest rate. Sometimes the answer is that no option beats simply paying the cards down — a real and valid result. The estimates assume you don't add new charges and that promo terms and rates hold as entered. Actual offers carry credit-approval requirements, deferred-interest clauses, and fee structures that vary, so use this to shortlist an approach and then confirm the exact terms with the lender.
Frequently Asked Questions
Why does it sometimes say to keep my current cards?
Because after transfer or origination fees, an alternative isn't always cheaper — especially if your APRs are moderate or the promo period is short. The tool only recommends refinancing when it lowers the total out-of-pocket cost.
How is the balance-transfer fee handled?
It is added to the transferred balance up front, then the promo APR applies for the promo months and the post-promo APR applies to anything remaining after that.
Can I compare more than two cards?
Yes. Add or remove cards freely, each with its own balance, APR, and minimum payment. The scenarios recalculate automatically from the combined total.
Is this financial advice?
No. It is an estimation tool for comparing strategies, not financial advice. Approval, exact fees, and promotional terms depend on the lender and your credit, so confirm details before committing.