Debt Consolidation Calculator
See the impact of rolling multiple balances into a single loan. This view brings together your current payments, interest rates, and payoff timelines to reveal how a unified plan could change monthly cash flow and total interest. It’s useful when you’re juggling several cards or loans, comparing consolidation offers, or deciding whether to simplify repayment without spending more over time.
The debt consolidation calculator lets you model a new loan against your existing debts, test terms and rates, include fees, and immediately see the trade-offs—lower payment versus longer payoff, or keeping your payment steady to finish faster and save interest. The goal is to give you a clear, side-by-side plan so you can pick the strategy that fits your budget, reduces stress, and puts you on a predictable path to debt-free.
Blend multiple balances into one loan and compare the monthly payment change, time to debt-free, and total interest saved against your current payments.
We roll your listed balances into a single loan to compare the monthly payment, time to payoff, and total interest against staying the course with current payments. Use realistic payments to avoid negative amortization.
Enter debts for consolidation
Consolidation loan terms
Positive = interest saved; negative = extra interest
Current plan (as entered)
Per-debt details
Consolidation loan
We assume a standard fully-amortizing fixed-rate installment loan with level payments and no fees.
Consolidation often lowers the monthly payment by stretching the term, which can increase total interest even if the APR drops. Focus on both monthly comfort and total cost.
Results interpretation
How it works
Formulas, assumptions, limitations
Current debts. For each balance we simulate monthly interest and subtract your fixed payment until paid off.
Consolidation loan. We sum balances into one principal and compute a level payment from APR and term.
Comparisons. Payment change = new − current; payoff time difference = new months − current months; interest saved = current total interest − new interest.
Negative amortization guard. If a current payment is below monthly interest, we flag it—those balances would grow, not shrink.
Limits. We ignore origination fees, balance transfer fees, and prepayment penalties. Add them mentally if applicable.
Use cases & examples
Total balances $19,700 @ blended 17% with $550/mo. Consolidating at 10% for 5 years could cut the payment to ~$419/mo but may add total interest unless you prepay.
If cash flow allows, keep paying your old $550 onto the new loan (set payment above required). You’ll shorten the term and increase interest saved.
A $4,500 balance at 23% with a $50 payment won’t amortize. Raise the payment or consolidate to a lower rate to stop the balance from growing.
Debt consolidation FAQs
Why did my payment go down but total interest go up?
Longer repayment spreads interest over more months. A lower APR helps, but term length matters. Prepay to reduce total interest.
Does this include origination or transfer fees?
No. If your lender charges fees, add them to principal or consider them as extra costs when interpreting results.
What if I plan to pay more than the minimum on the new loan?
Great plan. Paying extra shortens the schedule and reduces interest. Use the Payment Calculator to size an accelerated payment.
Is a balance transfer card the same as consolidation?
Functionally similar: many balances become one. Teaser periods and transfer fees complicate the math—model the rate after the promo ends.
Should I close old accounts after consolidating?
It depends. Closing can affect credit utilization and age. Consider keeping accounts open with zero balance unless fees apply.
Make one plan for many balances
Consolidation can simplify your money life: one due date, one rate, one end date. The trade-off is usually a longer term. We weigh cash-flow relief against total cost so we can choose a path that fits our goals.
When consolidation shines
- You’re juggling multiple high-APR cards with scattered due dates.
- You need a lower required payment to stabilize cash flow.
- You can lock a meaningfully lower rate with a fixed term.
When to hold off
- The new APR isn’t much lower than your blended current rate.
- Fees wipe out the benefit.
- You’re likely to run balances back up—consider a payoff plan first.
Smart tactics after consolidating
- Keep paying your old total onto the new loan to accelerate payoff.
- Automate payments to avoid late fees.
- Freeze card spending temporarily if overspending is a risk.
Reading the numbers here
We simulate your current debts with the payments you provide, then compare against a standard installment loan. If the monthly delta is small but the interest saved is negative, the term drove the result—shorten it or prepay.
Beyond the math
A calmer cash-flow profile can make room for an emergency fund and retirement contributions. That flexibility is valuable—even if the interest math is a near-wash—so long as we avoid building new balances.
Checklist before you sign
- APR, term, and payment match your expectations.
- Fees (origination, transfer) are understood and affordable.
- No prepayment penalty—or it’s negligible.
- Autopay discount applied if offered.