Debt consolidation savings calculator

Why the origination fee field matters most

Most consolidation calculators compare APRs and stop, which is exactly how borrowers end up with loans that cost more than the cards they replaced. Origination fees at fair-credit lenders run anywhere from 0.99% to 12% — and because the fee is deducted from your proceeds while you repay the full amount, its true cost is higher than the sticker percentage. This tool finances the fee into the principal, the way the loan actually works, and counts it against your savings.

The red-box result is not a malfunction. At certain combinations — a high fee, a rate close to your cards’, or a long term stretching modest interest across five years — the loan genuinely loses to staying put. That result is this calculator doing its job. When it happens, the fix is usually a shorter term, a no-fee lender if your credit qualifies, or a 0% balance transfer for balances you can clear inside 21 months — here’s that head-to-head on $10,000.

Where do the input numbers come from? Prequalify before you calculate: most major lenders show your realistic APR and fee with a soft credit pull that doesn’t touch your score. Quotes vary enormously at the same credit score — at 600 FICO the spread between two lenders’ offers on identical debt can flip this calculator from green to red. Enter each real offer separately and let the savings line pick the winner.