Debt Consolidation Calculator

Estimate savings from consolidating your debt.

Calculator Inputs

Current debts and consolidation loan terms

Enter each debt: balance, APR, and minimum monthly payment.

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Consolidation Loan

1–10 years

Typical U.S.: 0–8%. Some lenders charge none.

Results

Current vs consolidation comparison

Interest Saved

$1,551

Current Monthly

$360

Consolidation Monthly

$255

Months to Payoff (Current)

51

Total Interest Comparison

Current debts vs consolidation loan

Consolidation Balance Over Time

Remaining balance by year (5 years)

Principal vs Interest by Year

All 5 years

Yearly Breakdown (Consolidation)

First 15 years. Download full schedule for all 5 years.

YearPrincipalInterestBalance
1$1,947$1,112$10,053
2$2,151$908$7,902
3$2,376$683$5,525
4$2,625$434$2,900
5$2,900$159$0

How It Works

Step 1: Enter Your Current Debts

For each debt you wish to consolidate, input:

  • The current balance (amount you owe)
  • The APR (annual percentage rate)
  • The minimum monthly payment

You can add multiple debts, such as credit cards and personal loans. The calculator is flexible, add as many debts as needed using the "Add debt" option.

Step 2: Enter Consolidation Loan Details

Provide:

  • The interest rate offered for the consolidation loan (APR)
  • The repayment term, choosing between months or years (from 1 to 10 years)

Step 3: View Results

After clicking "Calculate," the calculator displays:

  • Interest Saved: Estimated total interest you could save by consolidating
  • Current Monthly Payment: What you pay across all debts now
  • Consolidation Monthly Payment: What you'd pay with the new loan
  • Months to Payoff (Current): How long it would take to pay off your current debts

Step 4: Explore Visualizations

Interactive charts show:

  • Total interest paid: Compare current debts to the consolidation loan
  • Balance over time: Track how your consolidated balance decreases each year
  • Principal vs. interest: See how much of your payment goes toward each

Step 5: Export or Share Your Results

You can easily:

  • Copy your results to share or save
  • Export your findings as a PDF or Excel file for a detailed review or record-keeping

Note: This calculator is for educational and estimation purposes only. Actual rates and terms vary. Consult a financial advisor for personalized advice.

Understanding Debt Consolidation

Debt consolidation is a strategy that lets you combine multiple debts, like credit cards or personal loans, into one new loan. The goal is to simplify your monthly payments and potentially lower your interest costs.

Instead of managing several payments with different interest rates, you make a single payment to one lender at a fixed rate.

Many people turn to debt consolidation when juggling several high-interest debts becomes overwhelming. For example, if you have multiple credit cards with high annual percentage rates (APRs), consolidating those balances into a single loan with a lower APR could reduce your total interest paid and help you pay off your debt faster.

This approach can also make budgeting easier by streamlining your finances into one predictable monthly payment. However, consolidation only works if you avoid accumulating more debt on the paid-off accounts and choose terms that fit your budget.

How This Calculator Helps

This calculator is designed to help you assess whether consolidating your debts could save you money and make repayment easier. By entering the details of each current debt, balance, APR, and minimum monthly payment, you’ll see how your current situation compares to taking out a consolidation loan.

The calculator provides a clear, side-by-side comparison of your current monthly payments, total interest costs, and the time it’ll take to pay off your debts versus if you consolidate. It also displays easy-to-understand charts that visualize your repayment journey, helping you make informed decisions about your financial future.

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