Debt Consolidation Calculator
Compare keeping your current debts against a consolidation loan — monthly payment, total interest, and break-even at a glance.
Everyday Uses
One payment instead of five
See whether combining your cards and loans actually saves money — or just feels tidier while costing more.
Vetting loan offers
A consolidation offer in hand? Enter its rate, term, and fee to see the true comparison before signing.
Escaping card interest
Cards at 22% versus a personal loan at 10% — quantify exactly what the rate difference is worth.
Payment vs total cost
The side-by-side view exposes offers that lower your payment while raising your lifetime cost.
Frequently Asked Questions
What is debt consolidation?
Rolling several debts — credit cards, personal loans, store cards — into one new loan with a single monthly payment. Done well, it lowers your interest rate (a personal loan at 10% replacing cards at 22%), simplifies your finances, and gives a fixed payoff date. Done poorly, a longer term can lower the payment while quietly increasing the total you pay.
When does consolidation make sense?
When the new APR is meaningfully below the weighted average of your current debts, fees included, and the term is similar or shorter than your current payoff timeline. This calculator shows both totals side by side — if the consolidation card shows "costs more," the offer flatters your monthly budget at the expense of lifetime cost.
What fees should I watch for?
Origination fees of 1–8% are common on personal loans and are usually added to the balance or deducted from proceeds. Balance-transfer cards charge 3–5% upfront. Also check for prepayment penalties on existing debts. Enter the fee here so the comparison is honest — a 5% fee can erase the advantage of a modest rate improvement.
What is the biggest risk of consolidating?
Running the balances back up. Consolidation clears your credit cards but doesn't close them — a third of consolidators end up with the new loan AND fresh card debt. The math only works if spending stays controlled; consider lowering card limits after consolidating.