Debt Consolidation Calculator
Simplify your debt payoff.
Debt Consolidation Calculator
Compares total interest under current debts versus a consolidated loan.
Calculated instantly
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What This Calculator Does
The Debt Consolidation Calculator compares your current debt payments with a consolidated loan to show potential savings in interest and payoff time. It helps you decide if combining multiple debts into one payment makes financial sense.
How It Works
Enter each debt with its balance, interest rate, and monthly payment. Then enter the proposed consolidation loan terms. The calculator compares total interest paid under both scenarios.
Example
Three credit cards totaling $12,000 at rates of 18%, 22%, and 15% with combined payments of $500/month cost $3,200 in interest. A consolidation loan at 9% for 36 months costs $1,720 in interest, saving $1,480.
Formula
Savings = Current Interest - Consolidation InterestReading the Results
Current Total Interest
How much interest you pay keeping your current debt structure.
New Total Interest
Interest paid under the consolidation loan.
Frequently Asked Questions
Should I consolidate my debt?
If the new rate is lower and you can pay it off faster, consolidation saves money. Watch for origination fees.
Does consolidation hurt my credit?
Initially it may lower your score slightly, but consistent on-time payments on the new loan help your score over time.
What debts can I consolidate?
Credit cards, personal loans, medical bills, and some student loans. Secured debts like mortgages are typically not consolidated.