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Debt Consolidation Calculator
Compare what you pay now on several debts with what you would pay on one consolidation loan, including the origination fee.
Debt Consolidation
Compare your current debts with a single consolidated loan and see your potential savings
Current Debts
Consolidated Loan
$0
Total Estimated Savings
Over the life of the new loan
New Monthly Pmt
$0
Old Monthly Pmt
$0
Interest Saved
$0
Total Cost Comparison
Consolidation trades several debts for one loan. It helps only when the new loan's total cost beats the old debts' — a lower payment stretched over a longer term can quietly cost more. This calculator puts both side by side so the trade is visible.
How to use this calculator
- Enter each current debt: balance, rate and payment.
- Enter the consolidation loan offer: amount, rate and term.
- Press calculate to compare payments, payoff times and total interest.
The two traps to avoid
First, the term trap: a lower rate over a much longer term can still cost more in total interest — compare totals, not payments. Second, the re-spend trap: cards cleared by the loan must stay cleared, or the debts double instead of consolidating.
Frequently asked questions
When does consolidation actually save money?
When the new rate is lower than your weighted average rate and the term is no longer than your current payoff horizon, so total interest falls.
Does a consolidation loan hurt credit?
Applying adds a hard inquiry and a new account, which can dip a score briefly. On-time payments on the single loan usually rebuild it.
Is a balance-transfer card better than a loan?
A 0% transfer can beat a loan if you clear the balance inside the promotional window and the transfer fee is low. If not, the loan's fixed schedule is safer.