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 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.
You’ll save an estimate of !
|Before consolidation||After consolidation|
|Year(s) to pay off||~|
|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 .
How to use this debt consolidation calculator
- Enter the amount you currently owe on a credit card or personal loan under Debt amount.
- 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.
- 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.
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
Compare balance transfer credit card options
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.