Debt Consolidation Calculator
Use this tool to compare your current debts against a single replacement loan. It reports the new payment, the interest on each path, and whether consolidating leaves you better off.
Enter your numbers and press Calculate. Nothing you type leaves your browser.
How this calculator works
With consolidation, one new loan pays off a group of existing debts. The usual aim is a cheaper rate, one payment instead of many, or a shorter payoff.
Two paths are compared side by side:
- Current debts: total balance B, average APR and the total you pay each month. Payoff time is n = -ln(1 - r * B / M) / ln(1 + r).
- New loan: payment M = P * r * (1 + r)^n / ((1 + r)^n - 1), with total interest M * n - P.
If the current payment does not even cover the monthly interest, that path never clears and the tool says so instead of returning a number.
Enter your own rates. A consolidation loan is priced from your credit history and the lender's terms, so treat the output as an estimate.
Common questions
Is consolidation always a saving?
It is not. A lower rate does help, yet stretching the term can push total interest up even while the monthly figure drops. Compare the interest on both paths first.
What happens when the current payment does not even cover interest?
Then the current balance never comes down and that path has no payoff. The tool reports the absence of a payoff time rather than inventing one.
Does a longer consolidation term cost less?
The monthly payment falls, but total interest usually rises because you pay for more months. A shorter term costs less in total but demands a larger payment.
Should every debt go into the calculation?
Total the balances you intend to fold together and use their average APR. A debt with a far higher rate will pull that average upward.