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Debt Consolidation
Calculator
See if combining your debts into one loan saves you money.
Your Current Debts (Enter up to 5)
Debt
Balance ($)
Rate (%)
Min Payment ($)
Credit Card 1
Credit Card 2
Personal Loan
Store Card
Other
Consolidation Loan
New Interest Rate (%)
New Term (years)
Compare
Current Debts (Separate)
Total Balance
$18,000
Monthly Payments
$525
Avg Interest Rate
19.8%
Total Interest
$7,200
Consolidated (One Loan)
New Balance
$18,000
Monthly Payment
$443
Interest Rate
8.5%
Total Interest
$3,276
Your Savings with Consolidation
$3,924
$82/month less + faster payoff
When Does Debt Consolidation Make Sense?
Your new rate is lower
than the weighted average of your current debts
You can get a fixed rate
instead of variable credit card rates
You'll pay off faster
with a set repayment term
You want one payment
instead of managing multiple accounts
When It Doesn't Make Sense
If the new loan has
high origination fees
(3-8% is common)
If you
extend the term so much
that total interest exceeds current debts
If you
keep using credit cards
after consolidating — you'll end up with more debt