Debt
Debt Consolidation Calculator
See whether rolling your debts into one loan actually saves interest.
Consolidation only pays off when the new loan's rate sits below your current average and the term does not quietly stretch the debt for years. This calculator compares your current balances and payments against a single consolidation loan so you can see the real trade.
Debt
Try the calculator
Scenario presets
Quick compare
Example
A $22,000 stack of credit cards at 19.5% bleeds far more interest than a 9.5% consolidation loan over five years. The calculator shows the interest you avoid and the monthly payment you trade for.
Results
New monthly payment
$462.04
New total interest
$5,722
Interest saved
$8,098
Projection
Trend view
Milestones
Decision cues
Breakdown
Cost mix
Result reading
The visual trend is moving down, with an approximate change of -$18,391 across the period shown.
Planning cue
Use the output as a scenario test rather than a promise. Small input changes can materially change the result.
Consolidation helps most when the new rate sits well below your current average. Watch for origination fees, shorter terms that raise the monthly bill, and the temptation to run balances back up on the cards you just cleared.
How it works
What the result is showing you
These sections explain what the calculator measures, which assumptions matter most, and where the number can be misleading.
How it frames the tradeoff
The tool treats your current debts as one balance earning your average rate, then projects how long your current payment takes to clear it. It does the same for the consolidation loan and lines up the two interest totals side by side.
What the monthly payment hides
A lower rate can still cost more if the term is long enough. Stretching a balance from three years to seven can shrink the monthly bill while growing total interest. Always read the interest total, not just the payment.
When consolidation backfires
Consolidation works best when it cuts your rate and you stop adding new charges. If you clear the cards and then run them back up, you end up owing the new loan plus a fresh balance.
FAQ
Frequently asked questions
Quick answers to the questions people ask most about this calculator.
Does consolidation hurt my credit score?
Opening a new loan triggers a small inquiry and can lower your average account age, but paying down balances and making on-time payments usually helps over time. The bigger risk is charging the cleared cards again.
Should I compare the rate or the payment?
Compare the total interest first. A lower monthly payment can still cost more if the loan runs longer, so the interest total tells you whether consolidation actually saves money.
What about fees on the new loan?
Origination fees quietly raise the effective rate. Subtract any fee from the amount you actually receive, or fold it into the balance, before trusting the headline APR.
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