Debt Consolidation Calculator

Free No sign-up

See if combining your debts into one loan actually saves you money—or costs you more

Your current debts

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Current totals
Total balance
Weighted APR
Monthly payment

Consolidation loan

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Sum of balances above

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0 if none — check your loan offer

Start with one debt, then add more only if you need them.

  • Add your balance, APR, and monthly payment.
  • Enter the new loan rate and term.
  • See monthly payment, total cost, and payoff timing side by side.

What is a debt consolidation calculator?

A debt consolidation calculator compares your current debt payments against a single consolidation loan to show you whether combining them saves or costs you money. Enter each debt—credit cards, auto loans, personal loans—and the terms of a new loan, and the calculator tells you the honest answer: lower total interest, higher total interest, or both at once.

The core question debt consolidation answers is not just "is my monthly payment lower?" It is whether the reduction in interest rate outweighs the cost of stretching repayment over a longer term. That difference matters because a lower monthly payment almost always comes with more months of paying—and more months means more interest, even at a lower rate. The calculator shows both sides so you can decide with clear numbers, not a bank's pitch.

The calculator also factors in the origination fee that most consolidation loans charge (typically 1–8% of the loan amount), rolled into your new principal. The resulting Effective APR—the real annual cost including that fee—is shown separately from the stated rate so you can compare apples to apples.

New paymentLoan principal × r × (1 + r)^n / ((1 + r)^n − 1)
Loan principalTotal balance + origination fee
Interest savedCurrent total interest − (new total paid − total balance)

For example, $10,000 in credit card debt at 20% APR with $400/month payments clears in about 33 months for roughly $3,050 in interest. Consolidate at 11% over 60 months with a 3% origination fee and your payment drops to $224—but total interest and fees reach $3,440, and you carry the debt 27 months longer. The monthly savings are real; so is the extra cost. This calculator surfaces both.

How to use this calculator

Add your debts. Enter each debt's current balance, annual interest rate (APR), and what you pay each month. Use the "Add debt" button for up to 10 debts. If a monthly payment is too low to cover the interest on that debt, the calculator flags it—that debt will never pay off at the current rate, which is a strong signal that consolidation is worth exploring.

Set your consolidation loan terms. The loan amount auto-fills to the sum of your balances. Enter the interest rate you have been offered, the repayment term in months or years, and the origination fee percentage if one applies (check your loan offer's fine print).

Read the verdict. The results compare your current plan against the consolidated loan side by side: monthly payment, total interest cost, and payoff date for both. A green verdict means the consolidation saves you money. An amber verdict means your monthly payment drops but you pay more in total—the classic trap lenders count on. A red verdict means the new loan is worse on every measure.

To see a full payment-by-payment breakdown of your consolidation loan, use our Amortization Calculator.

Frequently Asked Questions

What is debt consolidation?
Debt consolidation means taking out a single new loan to pay off multiple existing debts—credit cards, auto loans, medical bills—so you have one monthly payment instead of several. The goal is usually a lower interest rate, a lower monthly payment, or both. Whether it actually saves money depends on the new rate and loan term compared to your current debts.
How do you calculate whether debt consolidation is worth it?
Add up the total interest you will pay on all current debts at your current payment amounts. Then calculate the total interest on the new consolidation loan (monthly payment times the number of months, minus the loan principal). If the consolidation total is lower, it saves money. Do not forget to include any origination fee in the new loan cost—it is part of what you pay.
Does consolidating debt hurt your credit score?
A consolidation loan typically causes a small, temporary dip in your credit score because the lender runs a hard inquiry. Over time, consolidation can help your score by reducing your credit utilization ratio (if you are paying off credit cards) and by simplifying repayment so you are less likely to miss payments. The key is not to run up the paid-off credit cards again.
What is the difference between debt consolidation and debt settlement?
Debt consolidation replaces your debts with a new loan and you repay the full amount owed—it does not reduce the principal. Debt settlement negotiates with creditors to accept less than the full balance. Settlement can reduce what you owe but it severely damages your credit score, may result in a tax bill for the forgiven amount, and is typically a last resort before bankruptcy.
How much is the payment on a $50,000 consolidation loan?
At 12% APR over 60 months, a $50,000 consolidation loan has a monthly payment of about $1,112. At 8% APR over the same term, it drops to about $1,014. The exact amount depends on the interest rate and repayment period—use the calculator above to model your specific loan offer and see the full cost comparison against your current debts.