🤝 Debt Consolidation Calculator
Rolling several high-rate balances into one lower-rate loan can cut both the monthly payment and the total interest. The key question is how much the rate drop is actually worth over the loan term.
Enter your total debt, the average rate you pay now, and the rate and term of the consolidation loan you are offered. The calculator compares the two amortized payments and shows the saving per month and over the whole loan.
How to use this calculator
Enter your total debt, the average rate you pay now, and the rate and term of a consolidation loan offer to see the monthly and lifetime savings.
- Type the Total debt you would roll into one loan.
- Enter your Current average APR across those debts.
- Enter the New loan APR and its Term in years.
- Press Calculate to compare the two monthly payments and total saving.
Frequently asked questions
What is this comparing?
It amortizes your total debt twice: once at your current average rate and once at the consolidation loan's rate and term, then shows the difference per month and over the whole loan.
What does a sample result look like?
Consolidating $20,000 from 18% to 10% over 5 years drops the payment from about $507.87 to $424.94, saving roughly $82.93 a month and $4,976 over the loan.
Does a lower payment always mean saving money?
Not necessarily. A longer term can lower the payment while raising total interest, which is why the calculator shows the lifetime saving, not just the monthly figure.
Are loan fees included?
No. Origination fees or balance-transfer fees on the new loan are not subtracted, so compare the stated saving against any upfront fees before deciding.