Finance category
Mortgage, loan, investing, tax, and money calculators.
Debt Consolidation Calculator
Compare what happens if you keep attacking your current debt versus replacing it with a consolidation loan that has a different rate and term.
New monthly payment
$465.22
Current payoff time
50.4 mo
Current interest
$9,739.94
New interest
$4,330.53
Interest saved
$5,409.41
How to Use
- Enter the total balance you want to roll into a single new debt payoff plan.
- Add the current blended APR and the monthly payment you are making today across those balances.
- Enter the proposed consolidation APR and the new loan term in months.
- Review the replacement payment, the current-vs-new interest cost, and whether the new structure actually improves the payoff picture.
Frequently Asked Questions
When does debt consolidation make sense?
It can make sense when a new loan lowers your rate, creates a workable payment, or simplifies several balances into one manageable payoff plan without stretching the term too far.
Will a lower payment always save money?
No. A lower payment often comes from a longer term, and a long enough term can still increase total interest even if the rate drops.
Why does the current payoff show 'Never at that payment'?
That means the payment is too small to fully amortize the balance at the stated rate, so the debt would keep dragging on instead of cleanly paying off.
Should I include transfer or origination fees?
This version does not include them, so if the offer has fees you should mentally add them before deciding that the consolidation path is cheaper.
Is debt consolidation the same as debt settlement?
No. Consolidation usually replaces the balances with a new loan or account, while settlement is a separate negotiation strategy with different risks.
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