Finder is committed to editorial independence. While we receive compensation when you click links to partners, they do not influence our opinions or reviews. Learn how we make money.
Debt consolidation calculator
Figure out how much you could save with a debt consolidation loan.
Definitions to know
- Debt amount. How much you currently owe on a credit card or personal loan.
- Interest rate. The percentage of your credit card or loan balance that your lender charges over a year.
- Total monthly payments. How much you currently pay each month on all of the credit cards and loans you want to consolidate.
- Loan length. How much time you have to pay off your new debt consolidation loan. Also known as the loan term.
- Balance. The combined amount that you owe on all of your loans and credit cards. Also, the new balance on a debt consolidation loan.
- Years to pay off. How much time it will take you to get out of debt. If you consolidate your debt, this is your loan term.
- Monthly payment. How much you pay on your loan or credit card each month. Or, after consolidating your debt, how much you would pay each month on a debt consolidation loan with that rate and term.
- Total interest paid. The total amount you’ll pay in interest while paying back your loan. If you enter the loan’s APR, this field shows your loan’s total cost including interest and fees.
- Total balance paid. The total amount you’ll pay to get out of debt, including the loan balance and total interest paid.
How can I maximize my savings?
You can maximize your savings in a couple of ways. The first and easiest way is to go for the shortest loan term you can afford. A short loan term increases your monthly repayments but reduces how much you pay in the long run, as you’ll be saving on interest. Crunch some numbers and figure out how much you can comfortably afford to pay each month. Try not to go for a loan with a monthly repayment below that number.
Qualifying for a lower interest rate can also help you save on your loan without changing your loan term at all. You can take steps to improve your credit like checking your credit report for mistakes and paying off smaller debts to make sure that your personal credit score is strong.
Consider getting pre-approved with a few lenders to see what types of rates and terms you’re eligible for. You can start with the table below.
Consolidating debt is especially a smart move when you have high-interest accounts. A low-interest debt consolidation loan could save you thousands if you’re paying off debts that have double-digit interest rates.
Want to use a different loan calculator? Here’s our full list of personal loan calculators.