Your current debts
Consolidation loan
Sum of balances above
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.
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.