Debt Consolidation Calculator

See if combining debts into one loan saves money. Compare rates and monthly payments instantly.

Quick Answer

Debt consolidation combines multiple high-interest debts into one loan at a lower rate. This works best when you secure an APR significantly below your current average. Calculate potential savings and see if consolidation makes sense for your situation.

Results update automatically as you type

Your Current Debts

Balance

APR

Payment

Consolidation Loan

New Interest Rate

Loan Term

Monthly Savings

$80

Interest Savings

$1,701

Over loan term

New Payment

$170

Total Debt

$8,000

Consolidation may help! You could save $1,701 in interest and reduce your monthly payments by $80.

Pro Tips

•Run multiple scenarios with different values to understand your options
•Bookmark or share your results to reference later
•Check the FAQ section below for answers to common questions

Common Mistakes

•Not accounting for inflation over long time periods
•Forgetting to include all relevant fees and costs
•Using estimates when actual numbers are available

What's Next?

Debt Guide

Learn more about debt strategies

Related Calculators

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Sources & Accuracy

Last updated: January 12, 2025

Reviewed by: CalcGrid Editorial Team

Data Sources:

Federal Reserve Consumer Credit(2024)

Learn more about how we calculate and our editorial standards.

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