Compare your current debt payments to a consolidated loan
This debt consolidation calculator compares your current multiple debt payments with a single consolidation loan. By rolling high-interest debts like credit cards into one lower-rate loan, you can reduce monthly payments and save on total interest. By consolidating high-interest debts like credit cards into a single lower-interest loan, you can simplify your finances and potentially save thousands. This calculator compares your current minimum payments with a consolidation loan, showing monthly savings, total interest savings, and different payoff timelines.
The calculator simulates the cost of paying each debt at minimum payments versus paying them off with a consolidated amortizing loan at the new rate.
Debt consolidation can save money if you qualify for a lower interest rate than your current debts. It also simplifies payments into one monthly bill. However, it does not eliminate the debt itself.
Credit card balances, personal loans, medical bills, and other high-interest debts are commonly consolidated. Secured debts like mortgages and auto loans are typically not consolidated.
Debt consolidation is most beneficial when you can qualify for a lower rate than your current weighted average APR and are committed to not accumulating new debt on your paid-off cards.
Initially, applying for a consolidation loan may cause a small temporary dip due to the hard credit inquiry. Over time, reducing your credit utilization and making on-time payments can improve your score.
Credit card balances, personal loans, medical bills, and payday loans are commonly consolidated. Secured debts like mortgages and auto loans are typically not included.
You can add up to 6 individual debts in this calculator. Each debt can have its own balance, APR, and minimum payment for accurate comparison.