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Debt consolidation calculator

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.

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.

Term What it means

Balance

The combined amount that you owe on all of your loans and credit cards. Also, the new balance on a debt consolidation loan.

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.

Loan length

How much time you have to pay off your new debt consolidation loan. Also known as the 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 balance paid

The total amount you’ll pay to get out of debt, including the loan balance and total interest paid.

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 monthly payments

How much you currently pay each month on all of the credit cards and loans you want to consolidate.

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.

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.

Name Product Filter Values APR Min. credit score Loan amount
Best Egg personal loans
Finder Score: 3.8 / 5: ★★★★★
Best Egg personal loans
8.99% to 35.99%
640
$2,000 to $50,000
Fast and easy personal loan application process. See options first without affecting your credit score.
Upstart personal loans
Finder Score: 4.2 / 5: ★★★★★
Upstart personal loans
7.80% to 35.99%
300
$1,000 to $50,000
This service looks beyond your credit score to get you a competitive-rate personal loan.
SoFi personal loans
Finder Score: 4.4 / 5: ★★★★★
SoFi personal loans
8.99% to 29.99% fixed APR
680
$5,000 to $100,000
A highly-rated lender with competitive rates, high loan amounts and no required fees.
Upgrade
Finder Score: 4 / 5: ★★★★★
Upgrade
8.49% to 35.99%
620
$1,000 to $50,000
Check your rates with this online lender without impacting your credit score.
LendingPoint personal loans
Finder Score: 3.3 / 5: ★★★★★
LendingPoint personal loans
7.99% to 35.99%
620
$2,000 to $36,500
Get a personal loan with reasonable rates even if you have a fair credit score in the 600s.
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Name Product Balance transfer APR Balance transfer fee Minimum credit score Filter values
Luxury Card Mastercard® Black Card™
Luxury Card Mastercard® Black Card™
0% intro for the first 15 billing cycles (then 21.24% to 29.24 variable) Balance transfer fee of either $5 or 5% of the amount of each transfer, whichever is greater
$5 or 5% 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.
Luxury Card Mastercard® Titanium Card™
Luxury Card Mastercard® Titanium Card™
0% intro for the first 15 billing cycles (then 21.24% to 29.24 variable) Balance transfer fee of either $5 or 5% of the amount of each transfer, whichever is greater
$5 or 5% of the transaction, whichever is greater
700
Enjoy unique excursions, privileged access to exclusive events and insider opportunities.
Luxury Card Mastercard® Gold Card™
Luxury Card Mastercard® Gold Card™
0% intro for the first 15 billing cycles (then 21.24% to 29.24 variable) Balance transfer fee of either $5 or 5% of the amount of each transfer, whichever is greater
$5 or 5% of the transaction, whichever is greater
700
Earn 2% point value when redeemed for airfare or cash back through the Luxury rewards program.
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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

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Written by

Editor

Anna Serio was a lead editor at Finder, specializing in consumer and business financing. A trusted lending expert and former certified commercial loan officer, Anna's written and edited more than 1,000 articles on Finder to help Americans strengthen their financial literacy. Her expertise and analysis on personal, student, business and car loans has been featured in publications like Business Insider, CNBC and Nasdaq, and has appeared on NBC and KADN. Anna holds an MA in Middle Eastern studies from the American University of Beirut and a BA in Creative Writing from Macaulay Honors College at Hunter College, CUNY. See full bio

Anna's expertise
Anna has written 251 Finder guides across topics including:
  • Personal, business, student and car loans
  • Building credit
  • Paying off debt

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