Debt consolidation calculator

Debt consolidation combines all your monthly loan and credit card payments into one — potentially saving you a good chunk on interest.

How to calculate debt consolidation savings

Before you can start calculating potential savings with debt consolidation, you'll need each loan's interest rate and payoff balance. Then using that information, you can calculate the weighted average interest rate for all your loans with the following steps:

1. Multiply each of your loan balances by their individual interest rates (ex. $1,000 X 10% = 100). This will give you each loan's weight.
2. Add all the weight factors together.
3. Divide the total weight factor by the number of loans and round to the nearest percent.

The number you're left with is the average weighted interest rate for all the loans you want to consolidate.

With your loans' average weighted interest rate, you can now compare debt consolidation rate offers to see if you're likely to save money by consolidating — or if you'd be better off keeping things separate.

Terms to know for debt consolidation

Use the definitions below to better understand and compare your debt consolidation loan options.

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.

• Debt consolidation loans
• Balance transfer credit cards

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Name	Product	Filter Values	APR	Minimum credit score	Loan amount
Bankrate			4.98% to 35.99%	Poor to excellent credit	$1,500 to $100,000	Go to site	Compare	loading Fetching your data…
Best Egg personal loans			8.99% to 35.99%	600	$2,000 to $50,000	A prime online lending platform with multiple repayment methods.	Go to site More Info	Compare	loading Fetching your data…
Upstart personal loans			6.5% to 35.99%	300	$1,000 to $50,000	This service looks beyond your credit score to get you a competitive-rate personal loan.	Go to site More Info	Compare	loading Fetching your data…
Upgrade personal loans			7.96% to 35.97%	620	$1,000 to $50,000	Affordable loans with two simple repayment terms and no prepayment penalties.	Go to site More Info	Compare	loading Fetching your data…
Happy Money			8.99% to 29.99%	640	$5,000 to $40,000	Pay down your debt with a fixed APR and predictable monthly payments.	Go to site More Info	Compare	loading Fetching your data…
Monevo personal loans			1.99% to 35.99%	300	$1,000 to $500,000	Quickly compare multiple online lenders with competitive rates depending on your credit.	Go to site More Info	Compare	loading Fetching your data…

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Name	Product	Amount saved	Balance transfer APR	Balance transfer fee	Minimum credit score	Filter values
Chase Freedom Flex℠			0% intro for the first 15 months (then 19.24% to 27.99% variable) $5 or 3% of the amount of each transfer, whichever is greater in the first 60 days	For each transfer: 3% intro fee ($5 min) in first 60 days, after that 5% ($5 min)	670		Get up to 5% cashback in rotating and newly added everyday categories. The refreshed Freedom Flex card has lots of earning potential.	Go to site View details	Compare	loading Fetching your data…
PenFed Power Cash Rewards Visa Signature® Card			0% intro for the first 12 months (then 17.99% fixed)	3%	670		2% cash back for all PenFed Honors Advantage members and 1.5% cash back on all purchases made with your card.	Go to site View details	Compare	loading Fetching your data…
Chase Slate Edge℠			0% intro for the first 18 months (then 19.24% to 27.99% variable) No balance transfer fees for transfers made the first 60 days, then $5 or 5%	For each transfer: 5% intro fee ($3 min) in first 60 days, after that 5% ($5 min)	670		Get an automatic, one-time review for a higher credit limit when you pay on time, and spend $500 in your first 6 months	Go to site View details	Compare	loading Fetching your data…
PenFed Platinum Rewards Visa Signature® Card			0% intro for the first 12 months (then 17.99% fixed)	3%	670		Earn 5x points on gas at the pump and 3x points on groceries. Earn 1x points on all other purchases.	Go to site View details	Compare	loading Fetching your data…
Luxury Card Mastercard® Black Card™			0% intro for the first 15 billing cycles (then 19.24% variable) Balance transfer fee of either $5 or 3% of the amount of each transfer, whichever is greater	$5 or 3% of the transaction, whichever is greater	700		Receive an annual $100 air travel credit toward flight-related purchases including airline tickets, baggage fees, upgrades and more.	Go to site View details	Compare	loading Fetching your data…
PenFed Gold Visa® Card			0% intro for the first 15 months (then 17.99% fixed)	3%	670		Low APR on all purchases including cash advances.	Go to site View details	Compare	loading Fetching your data…
Luxury Card Mastercard® Titanium Card™			0% intro for the first 15 billing cycles (then 19.24% variable) Balance transfer fee of either $5 or 3% of the amount of each transfer, whichever is greater	$5 or 3% of the transaction, whichever is greater	700		Enjoy unique excursions, privileged access to exclusive events and insider opportunities.	Go to site View details	Compare	loading Fetching your data…
Luxury Card Mastercard® Gold Card™			0% intro for the first 15 billing cycles (then 19.24% variable) Balance transfer fee of either $5 or 3% of the amount of each transfer, whichever is greater	$5 or 3% of the transaction, whichever is greater	700		Earn 2% point value when redeemed for airfare or cash back through the Luxury rewards program.	Go to site View details	Compare	loading Fetching your data…

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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.

Frequently asked questions