Debt consolidation calculator 2019 | finder.com

Debt consolidation calculator

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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 current balance(s)
1)Debt amountInterest rate
$
%
2)Debt amountInterest rate
$
%
3)Debt amountInterest rate
$
%
Total monthly payments
$
Add another balance
New loan terms
Loan length in years
Years

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

or

Compare debt consolidation options now

You’ll save an estimate of !

Before consolidationAfter 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.

Compare debt consolidation options now

How to use this debt consolidation calculator

  1. Enter the amount you currently owe on a credit card or personal loan under Debt amount.
  2. Write the interest rate for that credit card or loan under Interest rate. If you also pay fees, write 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.

How can I maximize my savings?

The first and easiest way to maximize savings is to choose 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 above 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.

You should also 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.

What are my debt consolidation options?

Compare debt consolidation loan options

Rates last updated January 24th, 2019

Reveal your potential loan offers and rates

Answer two quick questions to filter the loan offers and get the best one for you.

Select your credit score range

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Finally, select where you live.

To get your credit score:

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Unfortunately, none of the personal loan providers offer loans for that credit score. If you are in urgent need of a small loan, you might want to consider a short term loan.
Name Product Product Description Min. Credit Score Max. Loan Amount APR
Credible Personal Loans
Get personalized rates in minutes and then choose a loan offer from several top online lenders.
Good to excellent credit
$100,000
3.99% to 35.99% (fixed)
Monevo Personal Loans
Quickly compare multiple online lenders with competitive rates depending on your credit.
550
$100,000
3.34% to 35.99% (fixed)
LendingClub Personal Loan
A peer-to-peer lender offering fair rates based on your credit score.
640
$40,000
6.95% to 35.89% (fixed)
SoFi Personal Loan Fixed Rate (with Autopay)
No fees. Multiple member perks such as community events and career coaching.
680
$100,000
6.79% to 16.24% (fixed)
Even Financial Personal Loans
Get connected to competitive loan offers instantly from top online consumer lenders.
550
$100,000
3.84% to 35.99% (fixed)
NetCredit Personal Loan
Check eligibility in minutes and get a personalized quote without affecting your credit score.
550
$10,000
34% to 155% (Varies by state) (fixed)
Best Egg Personal Loans
A prime lender with multiple repayment methods.
640 FICO®
$35,000
5.99% to 29.99% (fixed)
OneMain Financial Personal and Auto Loans
An established online and in-store lender with quick turnaround times. Poor credit is OK.
Varies
$30,000
16.05%–35.99%* (fixed)

Compare up to 4 providers

Compare balance transfer credit card options

Name Product Filter values Introductory Balance Transfer APR APR (Annual Percentage Rate) for Purchases Annual Fee Minimum Credit Score
0% for the first 15 months (then 17.24% to 25.99% variable)
17.24% to 25.99% variable
$0
670
0% intro APR for 15 months from account opening on purchases and balance transfers.
0% for the first 15 months (then 17.24% to 25.99% variable)
17.24% to 25.99% variable
$0
670
0% intro APR for 15 months from account opening on purchases and balance transfers.
0% for the first 15 months (then 15.24% to 26.24% variable)
15.24% to 26.24% variable
$0
680
Earn a $150 bonus statement credit after you spend $1,000 on purchases in the first 3 months. Rates & Fees
0% for the first 12 months (then 15.24% to 26.24% variable)
15.24% to 26.24% variable
$95
680
Earn $200 bonus cash back after you spend $1,000 on purchases in the first 3 months. Rates & Fees
0% for the first 15 months (then 15.24% to 26.24% variable)
15.24% to 26.24% variable
$0
680
Earn a $150 statement credit after you spend $1,000 or more in purchases with your new card within the first 3 months of card membership. Rates & Fees
0% for the first 15 billing cycles (then 14.24% variable)
14.24% variable
$0
670
A low, variable APR on purchases, balance transfers and cash advances.
0% for the first 15 months (then 15.24%, 19.24% or 25.24% variable)
15.24%, 19.24% or 25.24% variable
$0
670
Earn unlimited 1.5% cash rewards on purchases. See Rates and Fees.
0% for the first 18 months (then 13.24%, 17.24% or 21.24% variable)
13.24%, 17.24% or 21.24% variable
$0
670
A 18 months 0%% intro APR period on both purchases and balance transfers, plus zero foreign transaction fees, makes this is a strong well-rounded card. See Rates and Fees
0% for the first 15 billing cycles (then 17.24% variable)
17.24% variable
$195
700
Enjoy unique excursions, privileged access to exclusive events and insider opportunities.
0% for the first 15 billing cycles (then 17.24% variable)
17.24% variable
$495
700
Receive an annual $100 air travel credit toward flight-related purchases including airline tickets, baggage fees, upgrades and more.
0% for the first 15 billing cycles (then 17.24% variable)
17.24% variable
$995
740
Earn 1x points when redeemed for airfare through the Luxury rewards program.
1.99% for the first 6 monthly billing cycles (then 16.24% to 22.24% variable)
16.24% to 22.24% variable
$0
670
1% cash back to the nonprofits, K-12 schools, colleges and religious organizations of your choice.
9.95% for the first 6 months (then 17.99% fixed)
17.99% fixed
$39
300
Borrow up to $10,000 and get your credit score back on track.
0% for the first 12 statement closing dates (then 15.49% to 25.49% variable)
15.49% to 25.49% variable
$0
720
Earn more cash back for the things you buy most.
NASA Federal Platinum Advantage Rewards Credit Card
NASA Federal Platinum Advantage Rewards Credit Card
7.9% for the first 90 days (then 12.15% to 17.99% variable)
12.15% to 17.99% variable
$0
670
Enjoy perks and save money while gaining points with every purchase.
10.99% for the first 6 months (then 25.24% variable)
25.24% variable
$0
580
2% cashback at restaurants or gas stations on up to $1,000 in combined purchases each quarter. Plus 1% cash back on all other credit card purchases.

N/A

20.99% variable
$25
300
Establish credit history - with responsible use you may be upgraded to an unsecured credit card.

N/A

22.49% variable
$39
300
Helps establish, strengthen and even rebuild your credit.

N/A

21.24% variable
$29
300
Get worldwide purchasing power and flexibility as you work to build or re-establish your credit history.

N/A

26.99% variable
$0
300
Take control and build your credit with responsible use.
Aspire Platinum Mastercard®
Aspire Platinum Mastercard®
0% for the first 6 billing cycles (then 8.9% to 18% variable)
8.9% to 18% variable
$0
580
Enjoy a 0% introductory APR on purchases and balance transfers for the first 6 months.

Compare up to 4 providers

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.

Frequently asked questions

Anna Serio

Anna Serio is a staff writer untangling everything you need to know about personal loans, including student, car and business loans. She spent five years living in Beirut, where she was a news editor for The Daily Star and hung out with a lot of cats. She loves to eat, travel and save money.

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