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Debt consolidation calculator
Figure out how much you could save by combining all your debt into a new loan
Guides
Debt consolidation combines all your monthly loan and credit card payments into one — potentially saving you a good chunk on interest. Use our calculator to figure out if a debt consolidation loan could help you pay off your debt faster or cut down on interest.
Debt consolidation savings calculator
Calculate how much you could save by consolidating your debt
| Your current balance(s) | ||
|---|---|---|
| 1) | Debt amount | Interest rate |
| 2) | Debt amount | Interest rate |
| 3) | Debt amount | Interest rate |
| Total monthly payments | ||
| Add another balance | ||
| New loan terms | ||
| Loan length in years | ||
Fill out the form and click “Calculate” to see your estimated savings and new monthly payment.
or
You’ll save an estimate of !
| Before consolidation | After consolidation | |
|---|---|---|
| Balance | $ | $ |
| Interest rate | % | 9% |
| Year(s) to pay off | ~ | |
| Monthly payment | $ | $ |
| Total interest paid | ||
| Total balance paid |
You currently have a total debt balance of $ with an average rate of %. By consolidating them into a new loan at 9% APR with a -year term, you’d pay approximately $ per month. Your estimated total savings would be .
Your total monthly payments is not enough to cover the interest. Your loan(s) will never be paid off.
How to use this debt consolidation calculator
- Enter the amount you currently owe under Debt amount.
- Enter the interest rate for that credit card or loan under Interest rate. If you also pay fees, enter your annual percentage rate (APR) instead, which includes both interest and fees.
- Enter the amount you would need to pay each month on that credit card or loan to pay off your debt in three years under Total monthly payments.
- Click Add another balance to add another credit card or personal loan that you’d like to pay off with a debt consolidation loan.
- Follow steps one through four, adding as many credit cards and personal loans as you’d like.
- For each new balance, add the new monthly payment to the Total monthly payments.
- Hit Calculate.
- Adjust the new loan term and hit Calculate again to see how much a longer or shorter term can help you save.
What do the calculator terms mean?
Use the definitions below to better understand the calculator and compare your debt consolidation loan options.
| Term | What it means |
|---|---|
| Balance | The combined amount that you owe on all of your loans and credit cards. Also, the new balance on a debt consolidation loan. |
| 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. |
| Loan length | How much time you have to pay off your new debt consolidation loan. Also known as the 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 balance paid | The total amount you’ll pay to get out of debt, including the loan balance and total interest paid. |
| 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 monthly payments | How much you currently pay each month on all of the credit cards and loans you want to consolidate. |
| 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. |
What are my debt consolidation options?
If you have debt from numerous loans and credit cards and planning on repaying it over a longer period of time, consider taking out a debt consolidation loan. If you’re able to afford paying off your debt within one year and can snag a 0% APR, then a balance transfer credit card may be better for you.
Whichever route is best for you, check out one of our tables below by clicking on each tab to see our list of offers.
Compare balance transfer credit card options
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How can I maximize my savings?
Maximize savings by choosing the shortest loan term. While it will increase your monthly repayments, it should reduce how much you pay in interest. Crunch some numbers and figure out how much you can comfortably afford to pay each month.
Qualifying for a lower interest rate can also help you save money. You can take steps to improve your credit to make sure that your personal credit score is strong. Or you can simply take the time to compare your options to see which lender offers the most competitive rate.
Finally, consider prequalifying with a few lenders to see what types of rates and terms you’re eligible for. You can start your search with the table below.
Bottom line
Consolidating debt is especially a smart move when you have high-interest accounts. If you have debts with double-digit interest rates, you could save thousands with debt consolidation.
Want to use a different loan calculator? Here’s our full list of personal loan calculators.
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