Debt Consolidation Calculator
If you have multiple debts—credit cards, store cards, or other loans—you can compare two paths: continuing to pay each one separately at your current minimums, or consolidating into a single loan. Enter each debt’s balance, rate, and minimum payment, then set the consolidation loan’s rate and term. You’ll see total monthly payment, total interest, payoff time, and whether consolidation would save you money or cost more.
Inputs
Results
Similar cost either way
Current (multiple debts)
Consolidated (one loan)
Consolidated loan: principal and interest over time
Amount of principal and interest paid each year.
For illustration only. Current path assumes you pay only minimums and does not account for payoff order (avalanche vs snowball). Consolidation may have eligibility and credit impact. This is not financial advice.
About this calculator
This tool is for people carrying multiple debts who want to see whether a single consolidation loan could reduce their total payment, total interest, or time to debt-free. You enter each existing debt (balance, interest rate, and minimum monthly payment) and the terms of a potential consolidation loan (rate and term).
Use it when you are considering a debt consolidation offer or a personal loan to pay off several accounts. The calculator shows your current combined monthly payment and total interest if you keep paying minimums, versus one consolidated payment and total interest. It then recommends whether consolidation appears beneficial, neutral, or not recommended based on the numbers. The current path does not optimize payoff order (e.g. avalanche or snowball); it assumes you keep paying each debt’s minimum until it is paid off.
How this is calculated
Current path: For each debt we simulate paying your minimum monthly payment each month. Interest accrues at the stated rate; the rest goes to principal. We sum total monthly payments and total interest across all debts, and report the longest payoff time.
Consolidated path: One loan for the sum of all balances plus any fee, at the consolidation rate and term. Payment and total interest use the standard amortization formula. We compare total interest and payment to show whether consolidation saves you money.
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