Debt Consolidation Calculator
Compare the total cost of your existing debts against rolling them into a single consolidation loan at a lower rate to see whether consolidating actually saves money.
How to use the Debt Consolidation Calculator
- Enter your inputs into the Debt Consolidation Calculator above.
- Results update instantly as you type — no submit button needed.
- Adjust any value to see how the result changes in real time.
The consolidation comparison
Current total cost = Σ (payment × months remaining) on each debt · · · Consolidated cost = New payment × New term
Compare the sum of all current monthly debt payments and remaining interest against the consolidated loan's total cost. The consolidation wins when the lower rate outweighs any extension of repayment term.
Worked example
Three debts totaling $25,000 at a blended 17% APR with $700/month payments would cost about $32,800. Consolidating into a 7% personal loan over 5 years: $495/month, total cost $29,700. Savings: roughly $3,100 plus simpler tracking.
Frequently asked questions
When does consolidation make sense?
When the new rate is meaningfully lower than the weighted average of existing rates, and when you have the discipline not to run the paid-off credit cards back up.
What credit score do I need?
Best consolidation rates (8–12% personal loans) typically require FICO 720+. Borrowers below 660 may not save much vs. their current debts.
Are there fees I should watch for?
Origination fees (1–8% of the loan amount) get rolled in and effectively raise the rate. Compare total cost, not just headline APR.