Debt Consolidation Calculator

See if debt consolidation saves you money. Enter your existing debts with balances, rates, and payments, then compare against a single consolidation loan. View total interest savings, monthly payment reduction, and payoff timeline.

Your Current Debts

3 debts | Total: $16,000

Debt #1

Name

Balance ($)

APR (%)

Min. Payment ($)

Debt #2

Name

Balance ($)

APR (%)

Min. Payment ($)

Debt #3

Name

Balance ($)

APR (%)

Min. Payment ($)

Debt Distribution

Credit Card 1: $5,000 (22.99%)Credit Card 2: $3,000 (19.99%)Personal Loan: $8,000 (12.5%)

Weighted Avg APR: 17.18%Total Min. Payment: $490.00

Consolidation Loan Offer

Loan APR (%)

0%25%

Loan Term (months)

Origination Fee (%)

Fee amount: $320.00

Loan Amount: $16,320.00($16,000 debt + $320.00 fee)

Current Path vs. Consolidated

Current Path (Keep Debts Separate)

Monthly Payment

$490.00

Total Interest

$6,241.42

Total Cost

$22,241.42

Time to Payoff

4y 6m

Consolidated Loan

Monthly Payment

$327.02

Total Interest

$3,301.16

Total Cost

$19,621.16

Time to Payoff

5 years

Monthly Savings

+$162.98

Interest Savings

+$2,940.26

Total Savings

+$2,620.26

Time Saved

None

Break-Even Analysis

Origination Fee Paid$320.00

Break-Even PointMonth 2 (2 months)

Fee recovery progress

Saving $162.98/month covers the $320.00 fee in 2 months

✅

Consolidation Could Save You Money

By consolidating your 3 debts into a single 7.5% APR loan, you could save $2,620.26 total and reduce your monthly payment by $162.98.

Per-Debt Breakdown (Current Path)

Debt	Balance	APR	Min Payment	Total Interest	Payoff Time
Credit Card 1	$5,000.00	22.99%	$150.00	$3,045.29	4y 6m
Credit Card 2	$3,000.00	19.99%	$90.00	$1,414.23	4y 2m
Personal Loan	$8,000.00	12.5%	$250.00	$1,781.90	3y 4m
Total	$16,000.00	17.2% avg	$490.00	$6,241.42	4y 6m

Balance Over Time

$15,739

$16,095

$15,207

$15,641

$14,661

$15,181

$14,100

$14,715

$13,524

$14,243

M11

$12,932

$13,766

M13

$12,325

$13,282

M15

$11,702

$12,793

M17

$11,061

$12,297

M19

$10,404

$11,795

M21

$9,728

$11,287

M23

$9,035

$10,773

M25

$8,322

$10,252

M27

$7,590

$9,724

M29

$6,838

$9,190

M31

$6,065

$8,649

M33

$5,271

$8,102

M35

$4,456

$7,547

M37

$3,618

$6,986

M39

$2,756

$6,417

M41

$2,342

$5,841

M43

$1,944

$5,259

M45

$1,533

$4,668

M47

$1,106

$4,071

M49

$663

$3,466

M51

$382

$2,853

M53

$93

$2,233

M55

$1,605

M57

$969

M59

$325

M60

Current PathConsolidated

Month-by-Month Comparison

60 months total

Month	Current Balance	Current Payment	Consolidated Bal.	Consolidated Pmt.	Cumulative Savings
1	$15,739.10	$490.00	$16,094.98	$327.02	-$157.02
2Break-even	$15,474.76	$490.00	$15,868.55	$327.02	+$5.96
3	$15,206.93	$490.00	$15,640.71	$327.02	+$168.94
4	$14,935.55	$490.00	$15,411.45	$327.02	+$331.92
5	$14,660.59	$490.00	$15,180.75	$327.02	+$494.90
6	$14,381.99	$490.00	$14,948.61	$327.02	+$657.88
7	$14,099.69	$490.00	$14,715.02	$327.02	+$820.86
8	$13,813.64	$490.00	$14,479.97	$327.02	+$983.85
9	$13,523.79	$490.00	$14,243.45	$327.02	+$1,146.83
10	$13,230.08	$490.00	$14,005.45	$327.02	+$1,309.81
11	$12,932.47	$490.00	$13,765.97	$327.02	+$1,472.79
12	$12,630.88	$490.00	$13,524.99	$327.02	+$1,635.77

Full Comparison Summary

Metric	Current	Consolidated	Difference
Monthly Payment	$490.00	$327.02	+$162.98
Total Interest	$6,241.42	$3,301.16	+$2,940.26
Total Cost	$22,241.42	$19,621.16	+$2,620.26
Payoff Time	4y 6m	5 years	Same
Number of Payments	3 debts	1 payment	Simplified
Effective APR	17.18% avg	7.50%	-9.68%

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How to Use Debt Consolidation Calculator

1Add each existing debt with balance, APR, and payment.
2Enter the consolidation loan terms.
3Compare monthly payments and total interest.
4Review the break-even point and total savings.

Frequently Asked Questions

What is debt consolidation?▾

Debt consolidation combines multiple debts (credit cards, personal loans, etc.) into a single loan with one monthly payment, ideally at a lower interest rate. This can reduce total interest and simplify repayment.

When does consolidation make sense?▾

Consolidation makes sense when the new loan has a lower average interest rate than your existing debts, and when the total cost (including fees) is less than paying debts separately. Use this calculator to compare both paths.

Does debt consolidation hurt your credit score?▾

Initially, the hard inquiry and new account may lower your score slightly. However, consolidation often improves your score over time by reducing credit utilization and simplifying on-time payments.

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About Debt Consolidation Calculator

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