Debt Consolidation Calculator

See whether rolling your debts into one loan lowers your payment and saves interest after fees.

Debts to Combine
Leave a balance blank to skip that row.
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Consolidation Loan
Taken from the loan, so you borrow a bit more to cover it.
Fractions and decimals both work.
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Saved
Current payments
Consolidation payment
New loan amount
Current path
Consolidation path
Current average rate
Monthly Payment Change

Loan Offers

Items you add are saved in this browser.

OfferAPRMonthsPaymentSavedRemove

Does Debt Consolidation Save Money?

A consolidation loan pays off several debts and replaces them with one fixed payment. It saves money when its rate (including fees) is low enough to beat the interest you'd pay by keeping your current payments.

New loan = total balances ÷ (1 − origination fee %)
New payment = PMT(APR ÷ 12, months, new loan)

The current path is simulated month by month with the payments you make now. The comparison looks at total interest and fees and at when you'd be debt-free each way.

Worked Example

Tips

A lower payment isn't always a better deal: a long term can cost more interest even at a lower rate. Consolidation only helps if the paid-off cards stay paid off. Compare against a balance transfer card or the debt avalanche method.