Debt Consolidation Calculator
Debt Consolidation Calculator
Your Current Debts
Consolidation Loan Terms
Consolidate or Keep Paying?
Debts Being Consolidated
Based on your results — what to do next:
Shop the exact consolidation loan
You need a $20,600 loan at 13.5% for 48 months — verify the exact payment and effective APR including fees.
Not consolidating? Compare payoff strategies
Paying minimums takes 79 months and costs $13,397 in interest — snowball or avalanche could beat that without a new loan.
Track your progress after consolidating
Eliminating $20,000 in high-interest debt directly boosts your net worth by the same amount.
A debt consolidation loan combines multiple balances — credit cards, store cards, personal loans — into a single fixed-rate loan. This calculator compares your current path (paying minimums on each debt separately) against a proposed consolidation loan, showing the exact interest saved (or lost), the new monthly payment, and how much faster you'd be debt-free.
How the Comparison Is Calculated
The "current path" simulates paying only the minimum on each debt every month, rolling freed-up minimums into the smallest remaining balance as each is paid off — the standard debt-payoff waterfall. The "consolidated" side uses the standard loan amortization formula on the combined balance plus any financed origination fee.
| Variable | Definition |
|---|---|
| M | New consolidated monthly payment |
| B | Total balance across all debts being consolidated |
| F | Origination fee, if financed into the loan |
| r | Monthly interest rate = New APR ÷ 12 |
| n | Loan term in months |
Example: $20,000 across four cards averaging 22% APR, paid at minimums, takes years and costs thousands in interest. Consolidated into a 48-month loan at 13.5% with a 3% fee ($600 financed), the new payment is fixed and predictable — and the calculator shows exactly how much interest that trade saves.
💡 Expert Pro-Tip
A lower monthly payment isn't automatically a win. Stretching $20,000 from a 3-year payoff to a 6-year loan can cut your monthly payment in half — but if it doubles your total interest, you've traded short-term relief for long-term cost. Always compare both numbers side by side: total interest paid and months to debt-free, not just the sticker-shock monthly payment. If your current weighted-average APR is already below what a consolidation lender is offering, skip consolidation and use the Debt Payoff Calculator's snowball or avalanche method instead — it's free.
Next Step: Related Calculators
Personal Loan Calculator
Monthly payment, total interest, and effective APR including origination fees for personal loans.
Debt Payoff Calculator
Snowball vs. avalanche — months to debt-free and total interest saved.
Credit Card Interest Calculator
Interest charges, payoff timeline, and debt elimination strategies.