Your current debts
Consolidation loan
Estimates only. Consolidating may lower your monthly payment but can extend how long you pay and change total interest. You supply all figures; no MortgageQuote.com rate is quoted or implied.
Estimated change
How debt consolidation works
Debt consolidation combines several balances, often high-interest credit cards or loans, into a single new loan with one monthly payment. The goal is usually a lower monthly payment, a lower rate, or both, which can simplify your finances and free up cash flow. It can be done through a personal loan, a home equity product, or a cash-out refinance for homeowners.
The tradeoff to watch
A lower monthly payment sometimes comes from stretching the balance over a longer term, which can mean paying more total interest even at a lower rate. This tool shows both the monthly change and the estimated total interest on the new loan so you can see the full picture. Lowering your monthly payment helps cash flow, but it is worth understanding the long-term cost.
For homeowners
Using home equity to consolidate can offer lower rates than unsecured debt, but it converts unsecured debt into debt secured by your home, which is a meaningful decision. A licensed loan originator can help you compare consolidation approaches.