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Debt Consolidation Calculator
Would one loan beat the pile you're carrying? This debt consolidation calculator blends your current cards and loans into a before-and-after comparison: new monthly payment, total savings, the fee-adjusted true APR, and whether a lower rate on a longer term quietly costs more.
See how this works on consolidating $11,500 of card debt — 3 real examples
New consolidation loan
Add a debt to get started
Enter at least one debt with a balance above $0 and we’ll compare it to a single consolidation loan.
The loan fee can’t exceed the amount consolidated
Your loan fee is as large as (or larger than) the total balance you’re consolidating, so there’d be no cash left to pay off your debts. Lower the fee or switch to a percentage.
New monthly payment
$0
Current combined payment
$0
Monthly change
$0
Total savings
$0
True APR (with fee)
—
Fee break-even
—
Before vs after consolidation
| Comparison | Current path | Consolidation loan |
|---|
How your consolidation savings are calculated
We build two honest scenarios and put them side by side.
New loan = Σ balances
Payment = P · r(1 + r)n / ((1 + r)n − 1)
Fee = New loan × fee% + flat fee
Monthly savings = current minimums − new payment
Total savings = current interest − (new interest + fee)
Break-even = fee / monthly savings
The current path is what happens if you keep paying each debt’s minimum: every month interest accrues at that debt’s APR, the minimum is applied, and the total obligation shrinks as debts clear. Its total interest is the sum of what all those debts cost you.
The consolidation loan borrows the sum of your balances and amortizes it over your chosen term at one fixed rate, so its payment and total interest come straight from the standard amortization formula. The origination fee is folded into a true APR — the rate that equates the loan payments to the cash you actually receive after the fee — so you compare the real cost, not the headline rate.
Because a lower monthly payment can hide a longer payoff, we compare the two payoff lengths and warn you when the consolidation term stretches past your current payoff even at a lower rate. Assumptions: rates and minimums are held constant, the new loan funds today, and no new charges are added to the debts while you repay.
One $11,500 loan, three term lengths
The pile today: $11,500 across three cards, $295 of minimums, 82 months to clear. The new loan's term decides what better means.
Three years: pay more, owe least
per month$376.50
- The payment rises $81.50 above the current $295 — this route costs cash flow.
- Interest on the new loan stops at $2,054, plus a $230 fee.
- Against $10,636 on the current path, the all-in saving is $8,352.
The most expensive month and the cheapest total — the sprint is for budgets with slack.
Load this example (opens in a new tab)Five years: a little of both
per month$250.04
- The payment drops $44.96 a month, and the $230 fee is earned back in about five months.
- The fee-adjusted true APR is 11.88%, a shade over the 11% sticker.
- Total saving lands at $6,904, with the loan gone 22 months before the current path.
Lower payment, lower total, done sooner — the default term happens to be the balanced one.
Load this example (opens in a new tab)Seven years: comfort with a catch
per month$196.91
- The biggest monthly relief of the three: $98.09 freed up every month.
- The saving shrinks to $5,366, and the new loan runs 84 months — two past the current 82.
- A lower rate on a longer clock: still cheaper here, but the margin is thinning.
Stretching the term buys breathing room and quietly hands some of the savings back.
Load this example (opens in a new tab)Illustrations only, not financial advice. Your own rate, taxes and insurance will differ — check with a qualified financial advisor before acting on any of this.
Deciding whether to consolidate, in plain English
- The rate has to beat your blend. A consolidation loan only helps if its rate is below the weighted APR of the debts it replaces — otherwise you’re just moving the balance.
- A lower payment isn’t automatically cheaper. Stretching a $12,000 balance from 3 years to 7 can cut the payment but add thousands in interest; this calculator flags that trade-off.
- Fees are real cost. An origination fee or balance-transfer fee is money gone — the break-even shows how many months of savings it eats before you’re ahead.
- Compare the true APR, not the sticker rate. A 2% fee can turn an 11% loan into a ~12% effective APR; that’s the number to shop against.
- Consolidation doesn’t fix spending. If the old cards get run back up, you’ve doubled the debt — close or freeze them once the balances move.
Related calculators
Frequently asked questions
Will consolidating my debt actually save me money?
It depends on the blended math. This debt consolidation calculator adds up what your current cards and loans cost in interest if you keep paying the minimums, then compares that to one consolidation loan at a single rate. If the new rate is well below your blended APR you usually save — but a low monthly payment stretched over a longer term can quietly cost more in total interest, which the calculator flags for you.
How do loan fees or points affect my consolidation savings?
A consolidation loan often carries an origination fee of 1%–8% of the amount financed, and that fee is real money you never see. The calculator folds the fee into a true APR and shows a break-even point — the number of months of lower payments it takes just to earn the fee back. A 2% fee on a $12,000 loan is $240; if you save $80 a month, you break even in about three months.
What is the real APR of the consolidation loan after fees?
The stated interest rate ignores the origination fee, so the effective cost is higher. This consolidation savings calculator computes the fee-adjusted APR — the rate that makes the loan payments equal the cash you actually receive after the fee is deducted. On a $12,000 loan at 11% with a 2% fee over five years, the true APR is roughly 11.9%. Always compare that number, not the headline rate.
How is my new monthly payment calculated?
The new loan amount is simply the sum of your current balances. That principal is amortized over your chosen term at the consolidation rate using the standard fixed-payment formula, so every month you pay the same amount until the balance hits zero. The calculator then subtracts that from your current combined minimum payment to show the monthly cash-flow difference.
Is a debt consolidation loan better than a balance transfer?
A balance-transfer card can beat a personal consolidation loan if you clear the balance inside the 0% intro window, but the rate usually jumps sharply afterward and transfers carry a 3%–5% fee. A fixed-rate consolidation loan gives a predictable payoff date and a rate that never changes. Run both scenarios — enter the transfer fee as a flat loan fee here — and compare the total cost, not just the monthly payment.
How do I compare my current debts against a single consolidation loan?
Enter each debt with its balance, APR and minimum payment, then set the consolidation loan rate, term and fee. The credit card consolidation calculator shows a side-by-side of new payment versus current payment, monthly and total savings, and warns when a longer term raises your lifetime cost despite a lower rate. Share the link or export the comparison to revisit it later.
Disclaimer: these calculators are educational tools, not financial advice. They model your inputs with published formulas, but they cannot know your full situation — for decisions with real stakes, talk to a qualified professional. Formulas and defaults last reviewed .