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Debt consolidation calculator

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

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Fact checked

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

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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 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
BalanceThe combined amount that you owe on all of your loans and credit cards. Also, the new balance on a debt consolidation loan.
Debt amountHow much you currently owe on a credit card or personal loan.
Interest rateThe percentage of your credit card or loan balance that your lender charges over a year.
Loan lengthHow much time you have to pay off your new debt consolidation loan. Also known as the loan term.
Monthly paymentHow 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 paidThe total amount you’ll pay to get out of debt, including the loan balance and total interest paid.
Total interest paidThe 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 paymentsHow much you currently pay each month on all of the credit cards and loans you want to consolidate.
Years to pay offHow 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 debt consolidation loan options

Data indicated here is updated regularly
Name Product Filter Values APR Min. Credit Score Max. Loan Amount
Credible Personal Loans
4.99% to 35.99%
Fair to excellent credit
$100,000
Get personalized rates in minutes and then choose an offer from a selection of top online lenders.
SoFi personal loans
5.99% to 16.19%
680
$100,000
A highly-rated lender with competitive rates, high loan amounts and no fees.
LendingTree Personal Loans
Starting from 3.99%
Good to excellent credit
$50,000
Receive up to five loan offers in just minutes through LendingTree's simple online form.
LightStream
Varies
Good to excellent credit
$100,000
Borrow up to $100,000 with low rates and no fees.
Upgrade personal loans
7.99% to 35.97%
600
$35,000
Affordable loans with two simple repayment terms and no prepayment penalties.
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Compare up to 4 providers

Compare balance transfer credit card options

%
Name Product Amount saved Balance transfer APR Balance transfer fee Recommended minimum credit score Filter values
Citi® Diamond Preferred® Card
0% intro for the first 18 months (then 14.74% to 24.74% variable)
$5 or 3% of the transaction, whichever is greater
740
Long 18 months intro APR periods on purchases and balance transfers. Plus Citi Entertainment℠ for deals on dining and going out.
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
740
This one of the most valuable flat cashback cards. It comes with 2% cash back (1% when you buy plus 1% when you pay) and 18 months to pay off transfers.
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
700
Enjoy unique excursions, privileged access to exclusive events and insider opportunities.
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. Use it while traveling, too, with no foreign transaction fees. Available in: CT, DC, DE, FL, MA, MD, ME, NC, NH, NJ, NY, PA, RI, SC, VA, VT
CardMatch™ from creditcards.com
See issuer's website
300
Use the CardMatch tool to find cards you're likely to qualify for with your credit score, without a hard pull on your credit.
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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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