Compare your current debts to a single consolidation loan and see the change in your monthly payment.
How the debt consolidation calculator works
Consolidating rolls several debts into one loan with a single payment. List your current balances and payments, then enter a consolidation loan’s rate and term to compare.
A lower rate or longer term reduces the monthly payment, though a longer term can raise total interest.
Getting your answer
- Add each current debt’s balance and monthly payment.
- Enter the consolidation loan rate and term.
- Compare the new payment and monthly saving.
The maths behind it
total balance financed at the new rate and term
new payment vs sum of current payments
A worked example
On the values this calculator opens with, the consolidated payment is $297.22. Underneath, Current monthly comes out at $390 and Total balance at $11,500. Change any field and every figure updates as you type.
Frequently asked questions
What is debt consolidation?
Combining multiple debts into one new loan, ideally at a lower rate, so you have a single payment to manage.
Does it save money?
It can lower the monthly payment and rate, but a longer term may increase total interest. Compare carefully.
Is consolidation always a good idea?
Not always — it depends on the rate, fees and your habits. This is an estimate, not financial advice.