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Debt consolidation calculator

Figure out how much you could save by combining all your debt into a new loan

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 loan
Loan amount
$
Loan terms (in years)
Interest rate
$%

Fill out the form and click on “Calculate” to see your
estimated monthly payment.

or

Compare debt consolidation options now

Based on your loan terms…

You can expect to pay back
$
per month

This breaks down to…

$
in
principaland
$
in
interest
charged, with a total cost of $Compare debt consolidation options now

How to use this debt consolidation calculator

  1. Enter the amount you currently owe under Debt amount.
  2. 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.
  3. 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.
  4. Click Add another balance to add another credit card or personal loan that you’d like to pay off with a debt consolidation loan.
  5. Follow steps one through four, adding as many credit cards and personal loans as you’d like.
  6. For each new balance, add the new monthly payment to the Total monthly payments.
  7. Hit Calculate.
  8. 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.

TermWhat 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.

Name Product Filter Values APR Min. Credit Score Loan Amount
Best Egg personal loans
5.99% to 29.99%
600
$2,000 – $50,000
A prime online lending platform with multiple repayment methods.
Credible personal loans
2.49% to 35.99%
Fair to excellent credit
$1,000 – $100,000
Get personalized rates in minutes and then choose an offer from a selection of top online lenders.
LendingClub personal loans
8.05% to 35.89%
640
$1,000 – $40,000
A peer-to-peer lender offering fair rates based on your credit score.
SoFi personal loans
5.99% to 19.63%
680
$5,000 – $100,000
A highly-rated lender with competitive rates, high loan amounts and no fees.
Upgrade personal loans
5.94% to 35.97%
600
$1,000 – $50,000
Affordable loans with two simple repayment terms and no prepayment penalties.
Payoff personal loans
5.99% to 24.99%
640
$5,000 – $40,000
Pay down your debt with a fixed APR and predictable monthly payments.
Monevo personal loans
3.49% to 35.99%
None
$500 – $100,000
Quickly compare multiple online lenders with competitive rates depending on your credit.
OneMain Financial personal loans
18% to 35.99%
Varies
$1,500 – $20,000
An established online and in-store lender with quick turnaround times. Poor credit is OK.
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Compare up to 4 providers

%
Name Product Amount saved Balance transfer APR Balance transfer fee Recommended minimum credit score Filter values
Citi Simplicity® Card
0% intro for the first 18 months (then 14.74% to 24.74% variable)
$5 or 3% of the transaction, whichever is greater
670
With an intro APR of 18 months, this card has one of the longest balance transfer offers on the market. Plus, no late fees and no annual fee.
Citi® Diamond Preferred® Card
0% intro for the first 18 months (then 13.74% to 23.74% variable)
$5 or 3% of the transaction, whichever is greater
670

Best of Finder 2021

An impressive 18 months intro APR on balance transfers and purchases, as well as no annual fee make this one of the top 0% APR cards available.
Citi® Double Cash Card
0% intro for the first 18 months (then 13.99% to 23.99% variable)
$5 or 3% of the transaction, whichever is greater
670
Get a strong 18 month 0% intro APR on balance transfers AND up to 2% back. This is a rare card that offers both rewards and balance transfers.
Citi Custom Cash℠ Card
0% intro for the first 15 months (then 13.99% to 23.99% variable)
$5 or 5% of the transaction, whichever is greater
670
A new cashback card that automatically awards 5% to your highest eligible spending category each billing cycle, on up to $500 (then 1%).
TD Double Up℠ Credit Card
0% intro for the first 15 billing cycles (then 14.99%, 19.99% or 24.99% variable)
$5 or 3% of the transaction, whichever is greater
670
Earn up to 2% cash back. 1% cash back on purchases plus 1% when you redeem into an eligible TD Bank Deposit Account.Available in: CT, DC, DE, FL, MA, MD, ME, NC, NH, NJ, NY, PA, RI, SC, VA, VT
Citi Rewards+® Card
0% intro for the first 15 months (then 13.49% to 23.49% variable)
$5 or 3% of the transaction, whichever is greater
670
Get a strong 15 month 0% intro APR on balance transfers AND up to 2x points. This is a rare card that offers both rewards and balance transfers.
TD Cash Credit Card
0% intro for the first 15 billing cycles (then 12.99%, 17.99% or 22.99% variable)
$5 or 3% of the transaction, whichever is greater
680
3% on dining and 2% on groceries make this a valuable card for food purchases.Available in: CT, DC, DE, FL, MA, MD, ME, NC, NH, NJ, NY, PA, RI, SC, VA, VT
Luxury Card Mastercard® Titanium Card™
0% intro for the first 15 billing cycles (then 14.99% variable)
$5 or 3% of the transaction, whichever is greater
670
Enjoy unique excursions, privileged access to exclusive events and insider opportunities.
Chase Slate Edge℠
0% intro for the first 12 months (then 14.99% to 23.74% variable)
Intro fee of $3 or 5% of the transaction, whichever is greater for the first 60 days (then $5 or 5%)
670
New revamped Chase Slate Edge card: Earn $100 bonus on your statement when you spend $500 in your first 6 months
Luxury Card Mastercard® Black Card™
0% intro for the first 15 billing cycles (then 14.99% variable)
$5 or 3% of the transaction, whichever is greater
670
Receive an annual $100 air travel credit toward flight-related purchases including airline tickets, baggage fees, upgrades and more.
Luxury Card Mastercard® Gold Card™
0% intro for the first 15 billing cycles (then 14.99% variable)
$5 or 3% of the transaction, whichever is greater
670
Earn 2% point value when redeemed for airfare or cash back through the Luxury rewards program.
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Compare up to 4 providers

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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