Leave at 0 to bill it like a card. Today's minimum is about $360.
Credit Card recalculates the minimum every month, which is why the payoff stretches for decades.
Payoff date at this payment
Jun 2053
26 yr 9 mo
Total interest you would pay
$22,878
On a balance of $12,000
Starting monthly payment
$360
Issuer minimum, recalculated monthly
What it takes to be debt free in 3 to 5 years
This is the payment you would have to send on your own, out of pocket, every month. On a high rate balance it is usually three to four times the minimum.
| Debt Free In (Years) | Required Monthly Payment | Extra Per Month | Times Your Current Payment | Total Interest Paid | Total Interest Saved |
|---|---|---|---|---|---|
| 3 years | $471 | $111 | 1.3x | $4,947 | $17,931 |
| 4 years | $392 | $32 | 1.1x | $6,776 | $16,102 |
| 5 years | $346 | $0 | 1.0x | $8,709 | $14,169 |
Compare that out of pocket number with the consolidation strategy: every balance is retired on day one, and the payment you were already making goes to principal on the mortgage instead of interest on a card.
Run the full consolidation comparisonEstimates for illustration only, not a loan offer or a credit decision. Card minimums vary by issuer, and rates can change.