Debt Consolidation Calculator: Simplify Your Finances

How to Use This Calculator

  1. Enter the amount and APR for each of your current debts.
  2. Click "Add Another Debt" if you have more than one debt to input.
  3. Provide the APR and term for your potential consolidation loan.
  4. Click "Calculate" to see your results.

Our calculator will show you a side-by-side comparison of your current situation versus a consolidated loan, including total interest paid, monthly payments, and payoff time.

Current Debts

Consolidation Loan

Understanding Your Results

Once you've entered your information and calculated the results, you'll see a breakdown of your current debt situation compared to a potential consolidation loan. This includes:

  • Total debt amount
  • Weighted average APR of your current debts
  • Monthly payments (current vs. consolidated)
  • Total interest paid over the life of the loans
  • Time to pay off the debt

A visual chart will also help you quickly compare the total interest paid under both scenarios.

Is Debt Consolidation Right for You?

While debt consolidation can be an effective strategy for many, it's not always the best solution for everyone. Consider these factors:

  • Interest rates: Consolidation is most beneficial when you can secure a lower interest rate than your current debts.
  • Fees: Be aware of any origination fees or balance transfer fees that might offset potential savings.
  • Repayment term: A longer repayment term might lower your monthly payment but could result in paying more interest over time.
  • Your financial habits: Consolidation works best when combined with responsible spending and a commitment to avoiding new debt.

Use this calculator as a starting point, but consider consulting with a financial advisor for personalized advice on your debt management strategy.