Debt Consolidation Calculator

Compare your current debts against a consolidation loan to see potential savings, interest reduction, and payoff timeline.

Your Current Debts

Current Debt Summary

Total Balance
$0
Monthly Payments
$0
Weighted APR
0%
Est. Payoff
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Important: Origination fees (typically 1-8%) are deducted from your loan proceeds. A 3% fee on a $15,000 loan means you receive $14,550 but repay $15,000.
Comparison Methods:
  • Minimum: Pay only minimums on all debts
  • Fixed: Pay same total amount monthly across all debts
  • Accelerated: Snowball method - pay minimums + extra to smallest balance

Understanding Debt Consolidation

Debt consolidation combines multiple high-interest debts into a single loan with a lower interest rate. This simplifies payments and can save significant money over time.

When Consolidation Makes Sense

  • New loan has a lower APR than your weighted average
  • Loan term isn't excessively extended
  • You're committed to not accumulating new debt
  • Monthly payment fits your budget

Potential Downsides

  • Longer terms may reduce payments but increase total interest
  • Origination fees (1-8%) can offset interest savings
  • Hard credit inquiry may temporarily lower score 5-10 points
  • Secured loans risk asset loss if you default

Frequently Asked Questions

What types of debt can I consolidate?

Most unsecured debts qualify: credit cards, personal loans, medical bills, payday loans, and some private student loans. Secured debts like mortgages or auto loans typically require separate refinancing.

How does consolidation affect my credit score?

Short-term: A hard inquiry may cause a small dip. Long-term: Lower credit utilization and consistent on-time payments typically improve your score significantly within 6-12 months.

What is the debt snowball method?

The snowball method prioritizes paying off smallest debts first while making minimum payments on others. As each debt is paid, its payment is "rolled" into the next smallest, creating momentum and psychological wins.

Your Results

Enter your debts to see potential savings
Current Monthly
$0
New Monthly
$0
Monthly Savings
$0
Total Interest Saved
$0
Current Payoff
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New Payoff
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Current Total Interest
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New Total Interest
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Break-Even Analysis

Break-even point: -

After origination fees, you need to keep the loan this long to start saving.

Debt Breakdown

Debt Balance Rate Monthly
Applying for a new loan triggers a hard inquiry, which may temporarily reduce your credit score by 5-10 points. However, successfully managing your consolidated loan can improve your score long-term.

Ready to Consolidate?

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