Debt Consolidation Calculator
Should you consolidate your debts? Compare your current payments against a consolidation loan to see potential savings on interest, monthly payments, and total cost.
Estimated Interest Savings
$7,889
New Monthly Payment
$507
Monthly Change
−$193
Current Payoff
4y 7m
Consolidated Payoff
5 years
Remaining Balance Over Time
Current Debts
Enter the debts you're considering consolidating
Total Debt
$16,700
Total Min. Payments
$375/mo
Avg. Interest Rate
17.39%
Consolidation Loan
Enter the terms of the loan you're considering
Typically 1–8% of loan amount
Additional amount you pay on current debts
Estimated Net Savings
$12,665
Estimated interest savings of $13,166 over the loan term
Break-even on fees
2y 4m
Monthly Payment
Time to Pay Off
Total Interest
Total Paid
Side-by-Side Comparison
| Metric | Current Debts | Consolidation | Difference |
|---|---|---|---|
| Monthly Payment | $375 | $357 | -$18 |
| Time to Pay Off | 12y 8m | 5 years | — |
| Total Interest | $17,384 | $4,218 | +$13,166 |
| Total Paid | $34,084 | $21,419 | +$12,665 |
| Weighted Avg. Rate | 17.39% | 10.26% | — |
| Fees | — | $501 | — |
Balance Over Time
Shows the remaining combined balance for each path over time.
Payment Schedule
| Month | Payment | Principal | Interest | Balance | Total Paid |
|---|---|---|---|---|---|
| 1 | $375 | $133 | $242 | $16,567 | $375 |
| 12 | $375 | $150 | $225 | $15,001 | $4,500 |
| 24 | $375 | $172 | $203 | $13,057 | $9,000 |
| 36 | $375 | $198 | $177 | $10,828 | $13,500 |
| 48 | $375 | $227 | $148 | $8,273 | $18,000 |
| 60 | $175 | $49 | $126 | $6,769 | $21,103 |
| 72 | $175 | $61 | $114 | $6,103 | $23,203 |
| 84 | $175 | $75 | $100 | $5,282 | $25,303 |
| 96 | $175 | $93 | $82 | $4,269 | $27,403 |
| 108 | $110 | $47 | $63 | $3,227 | $29,297 |
| 120 | $110 | $59 | $51 | $2,585 | $30,617 |
| 132 | $110 | $75 | $35 | $1,777 | $31,937 |
| 144 | $110 | $94 | $16 | $763 | $33,257 |
Understanding Debt Consolidation
Potential Advantages
A lower weighted interest rate can reduce total interest paid. A single monthly payment simplifies budgeting. A fixed term provides a clear payoff date, which open-ended minimum payments on revolving debt do not.
Considerations
Extending the repayment term may increase total interest even at a lower rate. Origination fees reduce net savings. Consolidation does not eliminate the underlying balance — new revolving charges on paid-off accounts can lead to a higher total debt load.
About This Analysis
This calculator provides estimates based on the inputs you supply. It assumes standard amortization and does not account for taxes, insurance, PMI, prepayment penalties, or the opportunity cost of funds. Results are for informational and educational purposes only and should not be considered financial advice. Consult a qualified professional before making financial decisions.
- ·Does not account for balance transfer offers or promotional rates.
- ·Origination fees are estimated as a percentage of the total debt balance.
- ·Actual consolidation terms depend on creditworthiness and lender requirements.
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Also Consider
Quick Reference
- Average Credit Card APRsBy card type (rewards, store, secured)
- Credit Score RangesFICO vs VantageScore, what each range means
- Balance Transfer TermsHow 0% intro APR works, typical terms and fees
- Debt-to-Income GuidelinesWhat lenders want for mortgages, auto, personal loans
- Statute of Limitations by StateHow long debt can be legally collected
Insights
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