Debt consolidation calculator 2018 |

Debt consolidation calculator

We value our editorial independence, basing our comparison results, content and reviews on objective analysis without bias. But we may receive compensation when you click links on our site. Learn more about how we make money from our partners.

Figure out how much you could save with a debt consolidation loan.

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

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


Compare debt consolidation options now

You’ll save an estimate of !

Before ConsolidationAfter Consolidation
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.

Definitions to know

  • 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.
  • Total monthly payments. How much you currently pay each month on all of the credit cards and loans you want to consolidate.
  • Loan length. How much time you have to pay off your new debt consolidation loan. Also known as the loan term.
  • Balance. The combined amount that you owe on all of your loans and credit cards. Also, the new balance on a debt consolidation loan.
  • 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.
  • 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 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 balance paid. The total amount you’ll pay to get out of debt, including the loan balance and total interest paid.

How can I maximize my savings?

You can maximize your savings in a couple of ways. The first and easiest way is to go for 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 below 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.

Consider prequalifying with a few lenders to see what types of rates and terms you’re eligible for. You can start with the table below.

Bottom line

Consolidating debt is especially a smart move when you have high-interest accounts. A low-interest debt consolidation loan could save you thousands if you’re paying off debts that have double-digit interest rates.

Want to use a different loan calculator? Here’s our full list of personal loan calculators.

Compare debt consolidation loans now

Rates last updated November 18th, 2018

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

I don't know my credit score

Finally, select where you live.

To get your credit score:

Experian logo

Experian is a leading provider of personal and business credit reporting. Find out your FICO score now for less than the cost of a cup of coffee.

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
Monevo Personal Loans
Quickly compare multiple online lenders with competitive rates depending on your credit score.
3.34% to 35.99%. (fixed)
Credible Personal Loans
Get personalized rates in minutes and then choose a loan offer from several top online lenders.
Good to excellent credit
4.99%–36% (fixed)
LendingClub Personal Loan
A peer-to-peer lender offering fair rates based on your credit score.
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.
6.99% to 14.87% (fixed)
NetCredit Personal Loan
Check eligibility in minutes and get a personalized quote without affecting your credit score.
34%–155% (Varies by state) (fixed)
Marcus by Goldman Sachs Personal Loans
Consolidate your debt or pay off large expenses with competitive rates and no fees.
Good to excellent credit
6.99% to 24.99% (fixed)
Even Financial Personal Loans
Get connected to competitive loan offers instantly from top online consumer lenders.
4.99%–35.99% (fixed)
Conveniently check your loan options without affecting your credit score.
9.95%–35.99% (fixed)
OneMain Financial Personal and Auto Loans
An established online and in-store lender with quick turnaround times. Poor credit is OK.
16.05%–35.99%* (fixed)

Compare up to 4 providers

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.

Was this content helpful to you? No  Yes

Ask an Expert

You are about to post a question on

  • Do not enter personal information (eg. surname, phone number, bank details) as your question will be made public
  • is a financial comparison and information service, not a bank or product provider
  • We cannot provide you with personal advice or recommendations
  • Your answer might already be waiting – check previous questions below to see if yours has already been asked

Finder only provides general advice and factual information, so consider your own circumstances, or seek advice before you decide to act on our content. By submitting a question, you're accepting our Privacy and Cookies Policy and Terms of Use.
Go to site