Debt consolidation calculator 2019 | finder.com

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 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 March 25th, 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

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
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
5.34% to 35.99% (fixed)
Monevo Personal Loans
Quickly compare multiple online lenders with competitive rates depending on your credit.
550
$100,000
3.99% to 35.99% (fixed)
Upgrade Personal Loans*
Affordable loans with two simple repayment terms and no prepayment penalties.
620
$50,000
7.99% to 35.89% (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
5.99% to 16.99% (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)
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)

Compare up to 4 providers

Compare balance transfer credit card options

Name Product Introductory Balance Transfer APR Balance Transfer Fee Recommended Minimum Credit Score
0% for the first 12 months (then 15.24% to 25.24% variable)
$5 or 3% of the transaction, whichever is greater
670
Earn 15,000 Membership Rewards points after you spend $1,000 on purchases in the first 3 months of opening your account.
0% for the first 15 months (then 17.24% to 25.99% variable)
$5 or 3% of the transaction, whichever is greater
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)
$5 or 3% of the transaction, whichever is greater
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)
$5 or 3% of the transaction, whichever is greater
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 15 months (then 17.24% to 25.99% variable)
$5 or 5% of the transaction, whichever is greater
670
Enjoy a 60 days introductory balance transfer offer, save on interest, and get your free monthly credit score.
0% for the first 15 months (then 15.24% to 26.24% variable)
$5 or 3% of the transaction, whichever is greater
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 statement closing dates (then 15.24% to 25.24% variable)
$10 or 3% of the transaction, whichever is greater
670
Enjoy a 0% intro balance transfer APR for the first 15 statement closing dates, then variable.
Platinum Card from Navy Federal
Platinum Card from Navy Federal
0% for the first 12 months (then 8.24% to 18% fixed)
Open a Platinum credit card, and you could save on interest with a 0% intro APR on balance transfers for 12 months. After that, a variable APR between 8.24% and 18% applies. Plus, enjoy the lowest APR of all our credit cards.
0% for the first 12 months (then 15.24% to 26.24% variable)
$5 or 3% of the transaction, whichever is greater
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 billing cycles (then 14.24% variable)
$5 or 2% of the transaction, whichever is greater
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)
$10 or 4% of the transaction, whichever is greater
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)
$10 or 4% of the transaction, whichever is greater
670
An 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)
$5 or 3% of the transaction, whichever is greater
700
Enjoy unique excursions, privileged access to exclusive events and insider opportunities.
0% for the first 15 billing cycles (then 17.24% variable)
$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.
0% for the first 15 billing cycles (then 17.24% variable)
$5 or 3% of the transaction, whichever is greater
740
Earn 2% point value when redeemed for airfare or cash back through the Luxury rewards program.
0% for the first 12 billing cycles (then 16.24% to 25.74% variable)
$5 or 3% of the transaction, whichever is greater
740
When you spend $500 on your card within the first 90 days, you’ll receive a $150 cash back bonus.
0% for the first 12 months (then 12.99% to 17.99% variable)
3%
670
Earn 25,000 bonus points when you spend $2,500 in the first 90 days from account opening.
0% for the first 12 months (then 11.99% to 17.99% variable)
3%
670
2% cash back for all PenFed Honors Advantage members and 1.5% cash back on all purchases made with your card.
0% for the first 12 months (then 9.24% to 17.99% variable)
3%
670
Low APR on all purchases including cash advances.
0% for the first 12 months (then 11.99% to 17.99% variable)
3%
670
Earn 5x points on gas at the pump and 3x points on groceries. Earn 1x points on all other purchases.
0% for the first 12 months (then 15.15% to 25.15% variable)
$5 or 3% of the transaction, whichever is greater
580
Earn $150 in statement credit after you spend $1,200 on purchases within the first 90 days from account opening.
0% for the first 12 months (then 15.99% to 25.99% variable)
$10 or 2% of the transaction, whichever is greater
670
20,000 bonus LifeMiles after first card use
0% for the first 12 months (then 15.99% to 25.99% variable)
$10 or 2% of the transaction, whichever is greater
670
40,000 bonus LifeMiles after first card use
1.99% for the first 6 monthly billing cycles (then 16.24% to 22.24% variable)
$10 or 5% of the transaction, whichever is greater
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)
$10 or 3% of the transaction, whichever is greater
300
Borrow up to $10,000 and get your credit score back on track.

N/A

3%
670
This card offers the same low rate for purchases, cash advances and balance transfers.
0% for the first 12 statement closing dates (then 16.24% to 26.24% variable)
$10 or 3% of the transaction, whichever is greater
720
Earn more cash back for the things you buy most.
7.9% for the first 90 days (then 12.15% to 17.99% variable)
670
Enjoy perks and save money while gaining points with every purchase.
10.99% for the first 6 months (then 25.24% variable)
3%
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

$5 or 5% of the transaction, whichever is greater
300
Establish credit history - with responsible use you may be upgraded to an unsecured credit card.

N/A

$10 or 3% of the transaction, whichever is greater
300
Helps establish, strengthen and even rebuild your credit.

N/A

$5 or 3% of the transaction, whichever is greater
300
Get worldwide purchasing power and flexibility as you work to build or re-establish your credit history.

N/A

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)
$5 or 2% of the transaction, whichever is greater
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

Was this content helpful to you? No  Yes

Ask an Expert

You are about to post a question on finder.com:

  • Do not enter personal information (eg. surname, phone number, bank details) as your question will be made public
  • finder.com 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.com provides guides and information on a range of products and services. Because our content is not financial advice, we suggest talking with a professional before you make any decision.

By submitting your comment or question, you agree to our Privacy and Cookies Policy and Terms of Use.

Questions and responses on finder.com are not provided, paid for or otherwise endorsed by any bank or brand. These banks and brands are not responsible for ensuring that comments are answered or accurate.
Go to site