SwitchWizeSmart financial decisions

Debt Consolidation Router

Balance transfer, personal loan, HELOC, home equity loan, or just pay extra? This engine estimates the monthly payment, total interest, and payoff time for each route, then ranks them by cost and risk.

Quick answer: Route your debt the cheapest way — balance transfer, personal loan, HELOC, home equity loan, or just paying extra — ranked by total cost and risk. Enter Credit card balance, Credit card APR, Other high-interest debt, and Other debt APR to personalize the estimate. It returns Recommended route, Total debt, and Interest saved (best route) so you can compare the impact before choosing a next step. Use it to compare payoff timing, interest cost, monthly payment pressure, and consolidation tradeoffs.

Your situation
$
%
$
%
Current option
$
$
Alternatives
%
%
%
Assumptions

Your decision

Recommended route: 0% balance-transfer card. Consolidating $15,000 at a blended 21.60% could save up to $6,352 in interest.

Recommended: 0% balance-transfer card

Recommended route

Good

0% balance-transfer card

Lowest total cost among routes you are comfortable with.

Total debt

$15,000

blended 21.60%

Sum of all balances entered.

Interest saved (best route)

Good

$6,352

Versus making only your current payments.

Months saved by paying extra

Good

10 mo

Faster payoff from the extra monthly payment alone.

Ranked options

  1. #10% balance-transfer card

    $600/mo, paid off in 27 mo, total interest $413. Promo expiration risk.

    Confidence: LowEffort: MediumRisk: Medium

  2. #2Personal loan

    $363/mo, paid off in 48 mo, total interest $2,405.

    Confidence: MediumEffort: MediumRisk: Low

  3. #3Pay extra each month

    $600/mo, paid off in 34 mo, total interest $5,108.

    Confidence: MediumEffort: LowRisk: Low

  4. #4Home equity loan

    $182/mo, paid off in 120 mo, total interest $6,839. Secured by your home.

    Confidence: MediumEffort: HighRisk: High

  5. #5HELOC

    $186/mo, paid off in 120 mo, total interest $7,317. Secured by your home.

    Confidence: MediumEffort: HighRisk: High

Watch-outs

  • • HELOC and home equity loans are secured by your home — missing payments can put the house at risk. Treat the lower rate as compensation for that collateral risk.
  • • At your current payment the balance transfer would not be paid off within the 18-month 0% window — the leftover balance reverts to 22.00% APR.
  • • Estimates depend on approval and the actual APR offered. Consolidation changes the rate and schedule, not the amount you owe.

Assumptions used

Total debt
$15,000
Current blended APR
21.60%
Current monthly payment
$500
Extra available monthly
$100
Balance-transfer fee
3.00%
Collateral comfort
low

Estimates based on your assumptions above — roughly indicative, not financial, tax, or legal advice.

Next steps

Compare Personal Loan Rates →

Why this matters

Consolidation does not reduce what you owe — it changes the rate and schedule. The cheapest route depends on your balances, the offers you can get, and how much risk you will take. Secured options (HELOC, home equity) carry the lowest rates but put your house on the line; a balance transfer is cheapest only if you clear it before the 0% window ends.

Frequently asked questions

How does the router rank my options?
It estimates the total cost (principal + interest + fees) of each route — pay extra, 0% balance transfer, personal loan, HELOC, and home equity loan — and ranks them cheapest first. If you tell it you are not comfortable pledging your home, the secured routes are excluded from the recommendation.
Is a balance transfer always the cheapest option?
Only if you can repay the balance within the 0% promotional window. If you cannot, the leftover reverts to the go-to APR and the math changes. The tool flags this promo-expiration risk when your payment cannot clear the balance in time.
Should I use a HELOC or home equity loan to consolidate?
They offer the lowest rates because your home is the collateral — which is exactly the risk. Missing payments can put your house in jeopardy, and there are closing costs. The tool always warns about this and only recommends secured routes when you indicate you are comfortable with the collateral.
What does "pay extra" mean as a route?
Instead of consolidating, you keep your current debts and simply pay more each month. For many people with a modest balance this is the cheapest and lowest-risk path — no fees, no new account, no collateral. The tool compares it against every consolidation option.
Will consolidating hurt my credit?
Opening a new loan or card causes a small temporary dip from the hard inquiry, and closing old accounts can shorten your average account age. But lowering your overall utilization usually helps within a few months — provided you do not run the old balances back up.

This tool produces estimates based on the assumptions you enter. It is not financial, tax, or legal advice. Actual rates, fees, and outcomes depend on your lender, account terms, and approval.