See if debt consolidation saves you money. Enter your existing debts with balances, rates, and payments, then compare against a single consolidation loan. View total interest savings, monthly payment reduction, and payoff timeline.
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Debt consolidation combines multiple debts (credit cards, personal loans, etc.) into a single loan with one monthly payment, ideally at a lower interest rate. This can reduce total interest and simplify repayment.
Consolidation makes sense when the new loan has a lower average interest rate than your existing debts, and when the total cost (including fees) is less than paying debts separately. Use this calculator to compare both paths.
Initially, the hard inquiry and new account may lower your score slightly. However, consolidation often improves your score over time by reducing credit utilization and simplifying on-time payments.
Using the Debt Consolidation Calculator is simple: visit the tool page, enter your data or input into the provided fields, and get instant results. No downloads, installations, or sign-ups are required. The tool runs directly in your web browser for maximum convenience.
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See if debt consolidation saves you money. Enter your existing debts with balances, rates, and payments, then compare against a single consolidation loan. View total interest savings, monthly payment reduction, and payoff timeline.
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Fee amount: $320.00
Loan Amount: $16,320.00($16,000 debt + $320.00 fee)
Current Path (Keep Debts Separate)
Monthly Payment
$490.00
Total Interest
$6,241.42
Total Cost
$22,241.42
Time to Payoff
4y 6m
Consolidated Loan
Monthly Payment
$327.02
Total Interest
$3,301.16
Total Cost
$19,621.16
Time to Payoff
5 years
Monthly Savings
+$162.98
Interest Savings
+$2,940.26
Total Savings
+$2,620.26
Time Saved
None
Saving $162.98/month covers the $320.00 fee in 2 months
By consolidating your 3 debts into a single 7.5% APR loan, you could save $2,620.26 total and reduce your monthly payment by $162.98.
| Debt | Balance | APR | Min Payment | Total Interest | Payoff Time |
|---|---|---|---|---|---|
Credit Card 1 | $5,000.00 | 22.99% | $150.00 | $3,045.29 | 4y 6m |
Credit Card 2 | $3,000.00 | 19.99% | $90.00 | $1,414.23 | 4y 2m |
Personal Loan | $8,000.00 | 12.5% | $250.00 | $1,781.90 | 3y 4m |
| Total | $16,000.00 | 17.2% avg | $490.00 | $6,241.42 | 4y 6m |
| Month | Current Balance | Current Payment | Consolidated Bal. | Consolidated Pmt. | Cumulative Savings |
|---|---|---|---|---|---|
| 1 | $15,739.10 | $490.00 | $16,094.98 | $327.02 | -$157.02 |
| 2Break-even | $15,474.76 | $490.00 | $15,868.55 | $327.02 | +$5.96 |
| 3 | $15,206.93 | $490.00 | $15,640.71 | $327.02 | +$168.94 |
| 4 | $14,935.55 | $490.00 | $15,411.45 | $327.02 | +$331.92 |
| 5 | $14,660.59 | $490.00 | $15,180.75 | $327.02 | +$494.90 |
| 6 | $14,381.99 | $490.00 | $14,948.61 | $327.02 | +$657.88 |
| 7 | $14,099.69 | $490.00 | $14,715.02 | $327.02 | +$820.86 |
| 8 | $13,813.64 | $490.00 | $14,479.97 | $327.02 | +$983.85 |
| 9 | $13,523.79 | $490.00 | $14,243.45 | $327.02 | +$1,146.83 |
| 10 | $13,230.08 | $490.00 | $14,005.45 | $327.02 | +$1,309.81 |
| 11 | $12,932.47 | $490.00 | $13,765.97 | $327.02 | +$1,472.79 |
| 12 | $12,630.88 | $490.00 | $13,524.99 | $327.02 | +$1,635.77 |
| Metric | Current | Consolidated | Difference |
|---|---|---|---|
| Monthly Payment | $490.00 | $327.02 | +$162.98 |
| Total Interest | $6,241.42 | $3,301.16 | +$2,940.26 |
| Total Cost | $22,241.42 | $19,621.16 | +$2,620.26 |
| Payoff Time | 4y 6m | 5 years | Same |
| Number of Payments | 3 debts | 1 payment | Simplified |
| Effective APR | 17.18% avg | 7.50% | -9.68% |