DEBT CONSOLIDATION CALCULATOR
Find out how debt consolidation may help you lower your monthly payment.
Our debt consolidation calculator shows how much you may be able to save by combining multiple debts into a single monthly payment with a fixed rate home equity loan. Debts to consider consolidating include credit cards, auto loans, medical debt, personal loans, and more.
Question answer section
Question
What are the benefits and considerations of using your home equity for debt consolidation?
Answer
Benefits: Using your equity to pay down debt may eliminate stress and worry and put you on a solid path to financial freedom on your own terms. Plus, you might enjoy the stability of one fixed monthly payment at a fixed interest rate that's potentially much lower than what you're currently paying on multiple high-interest debts. With multiple term options, you have the flexibility to decide on a monthly payment that works for your budget.
Considerations: The relative benefits of a loan for debt consolidation depend on your individual circumstances and your actual debt payments. You will realize interest payment savings when you make monthly payments towards a new, lower interest rate loan in an amount equal to or greater than what you previously paid towards the higher rate debt(s) being consolidated. Keep in mind, though, while your monthly payments will be lower, in the long term you may pay more interest if the debt is extended over a longer period of time.
Note: No Discover Financial accounts may be paid off with this debt consolidation.
DEBT CONSOLIDATION CALCULATOR
Consolidate $ of debt with us for the low rate of % APR* for a 10-30 year terms. You could save up to 2,880 annually for a 20 year term!
Note: Information and interactive calculators are made available as self-help tools for your independent use and are intended for educational purposes only. Any results are estimates and we do not guarantee their applicability or accuracy to your specific circumstances.
Questions? There's no commitment required to get a quote and start talking.
Benefits and risks of debt consolidation:
The relative benefits of a loan for debt consolidation depend on your individual circumstances and your actual debt payments. You will realize interest payment savings when you make monthly payments towards the new, lower interest rate loan in an amount equal to or greater than what you previously paid towards the higher rate debt(s) being consolidated. Keep in mind, though, while your monthly payments will be lower, in the long term you may pay more interest if the debt is extended over a longer period of time. Note: No Discover loans may be paid off with this debt consolidation.
DEBT CONSOLIDATION CALCULATOR
Sorry!We offer home equity loans from $35,000 to $300,000.
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