Debt Consolidation Calculator
$0.00 saved per month
How This Calculator Estimates Your Savings
Debt consolidation rolls multiple balances — credit cards, personal loans, medical bills — into a single new loan, ideally at a lower rate. This calculator treats your existing debts as one combined balance charged at their blended average interest rate, and compares what you'd pay continuing on your current path against a single new fixed-rate, fixed-term consolidation loan. If you don't know your exact blended rate, a reasonable estimate is a balance-weighted average across your cards and loans (a card with a bigger balance should count for more in the average).
A Lower Rate Doesn't Always Mean Less Total Interest
Consolidation loans often stretch payments over a longer, fixed term than the minimum-payment treadmill on revolving credit card debt. That can shrink your monthly payment even as it changes the total interest picture, so always compare the total interest and estimated payoff time above, not just the sticker interest rate. If your current payment is only slightly above the minimums due, your true current-path interest cost is likely higher than this estimate assumes, since minimum payments usually shrink over time.
Before You Sign a New Loan
Consolidation only helps if you stop adding new charges to the accounts you paid off. Run the numbers here alongside the debt payoff calculator to compare consolidation against an aggressive snowball or avalanche payoff plan on your existing debts, and use the personal loan calculator to check the exact payment on the new loan offer you're considering.
Frequently Asked Questions
How do I find my current average interest rate across multiple debts?
Use a balance-weighted average: multiply each debt's balance by its interest rate, add those together, then divide by your total debt. A $10,000 card at 24% and a $5,000 loan at 10% blend to about a 19.3% weighted average, not a simple 17% average of the two rates.
Why does the calculator say my current payoff time is 'Never at this payment'?
This appears when your current total monthly payment doesn't even cover the interest accruing on your balance at your current average rate, meaning the balance would grow indefinitely rather than shrink. In that case, any consolidation loan with a fixed payoff date and lower rate is likely a significant improvement.