Debt Consolidation Calculator

Compare paying up to three current debts with a single consolidation loan at a lower rate and a fixed term.

Runs 100% in your browser — nothing is uploaded.

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years
Runs 100% in your browser — nothing is uploaded.

Result

Consolidation payment
$191.22
Current combined payment
$239.67
Interest saved over the term
$2,906.69
Consolidation interest
$2,473.40

Formula

Payment = P·r ÷ (1 − (1+r)^−n) for each debt.

About this calculator

Consolidation helps when the new rate is genuinely lower and balances are not run back up. Fees can erase the benefit.

How to use

  1. 1

    Enter the balance and APR for each current debt you want to consolidate (Debt 1 is required; Debts 2 and 3 are optional).

  2. 2

    Input the Consolidation APR and the New loan term in years.

  3. 3

    Click Calculate to see your new monthly payment, current combined payment, and interest saved over the term.

Frequently asked questions

How does debt consolidation affect my credit score?

Debt consolidation can affect your credit score in several ways. Initially, applying for a new loan may cause a small, temporary dip due to a hard inquiry. Over time, if you make payments on time and reduce your credit utilization, your score may improve. However, closing old accounts after transferring balances can shorten your credit history, which might lower your score. It's important to maintain good payment habits.

Is debt consolidation the same as a balance transfer?

No. Debt consolidation typically involves taking out a new loan to pay off multiple debts, which may include credit cards, personal loans, or other debts. A balance transfer is a specific type of consolidation where you transfer credit card balances to a card with a lower interest rate, often with a promotional 0% APR period. Balance transfers usually involve fees and are limited to credit card debt.

What is a good interest rate for a debt consolidation loan?

A good interest rate is one that is lower than the average interest rate you are currently paying on your debts. For example, if your credit cards have an average APR of 20%, a consolidation loan at 10% would be beneficial. Rates depend on your credit score, income, and lender. Compare offers to find the lowest rate possible.

Please note: Results are estimates for general information only and are not professional or medical/financial advice.