Debt Consolidation Calculator
See whether a debt consolidation loan would save you money compared with paying off your current debts at today's payment.
When consolidation helps
A consolidation loan combines several debts into one payment, ideally at a lower rate. It saves money only if the new loan costs less in total than your current plan. A longer term lowers the monthly payment but can raise the total interest, and fees are added to what you borrow.
This calculator pays off your current debts month by month at your current payment, then compares the total with the new loan. It shows the monthly change and the total saved, or the extra cost.
Last reviewed November 2026. Formulas are standard and shown in the sections above; results are estimates.
Tips and common mistakes
- Compare totals, not only the monthly payment.
- Include the origination fee; it is often 1% to 8%.
- Stop using the old cards, or you will end up with both debts.
Learn more
Frequently asked questions
Does consolidation hurt my credit?
A hard inquiry can lower your score a little at first. On-time payments and lower card balances usually help later.
Is a balance transfer better?
A 0% transfer can be cheaper for smaller balances if you repay it before the offer ends. Use the balance transfer calculator to compare.
What if the payment never clears the debt?
Then interest is bigger than the payment. The tool tells you so.
Does it use the same payment?
Yes, it assumes you keep paying the same amount today.
Money guides for this topic
All guides →Pay Off Debt or Invest? A Simple Way to Decide
Compare your debt interest rate with realistic after-tax investment returns to decide where extra money should go first.
Read guide →Credit Card Interest Explained (and How to Beat It)
How APR turns into monthly interest, why minimum payments keep you in debt, and when a balance transfer helps.
Read guide →Snowball vs Avalanche: The Math of Getting Out of Debt
Compare the two best debt payoff methods with real numbers and learn which one saves more money.
Read guide →Related calculators
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Open calculator →Debt-to-Income (DTI) Calculator
Calculate your debt-to-income ratio, the number lenders check before approving a loan.
Open calculator →Debt Payoff Planner (Snowball vs Avalanche)
Enter up to three debts and compare the avalanche method, the snowball method and paying only minimums.
Open calculator →Results are estimates and not financial advice.