Debt Consolidation Calculator
Use this debt consolidation calculator to compare current credit cards or loans with a new consolidation loan.
Enter existing debt balances, APRs, and payments, then enter a new loan APR, term, and origination fee.
The result compares monthly payments, total interest, and potential savings or extra cost.
It is built for U.S.
| Current interest estimate | $5,005.75 | |
|---|---|---|
| New loan interest | $4,137.27 | |
| Consolidated balance | $16,100 | |
| Origination fee | $300 |
Assumptions
- This compares simplified payoff estimates; lender fees, promotional rates, and behavior changes can alter results.
- Lower monthly payment may still cost more over a longer term.
How this calculator works
Formula used
Current payoff is estimated from existing balances, APRs, and payments. Consolidation cost uses the standard loan payment formula on the new loan amount plus fees.
Example calculation
If current debts require $650 per month and a consolidation loan costs $520 per month, the calculator compares payment relief and total interest.
Debt Consolidation Calculator FAQ
Is this debt consolidation calculator exact?
No. It is an estimate for U.S. personal finance planning. Your actual debt consolidation can vary based on lender terms, spending changes, fees, taxes, and account rules.
What information do I need for the debt consolidation calculator?
Use your current balances, monthly income or payments, APRs, expected savings, and realistic U.S. dollar amounts from your budget or statements.
Can I use this before talking to a financial professional?
Yes, it can help you prepare questions and compare scenarios, but it is not financial, tax, legal, or investment advice.