Debt consolidation calculator
Consolidation gives you one payment and may lower the rate, but a longer term or fees can make it cost more. This puts both side by side.
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How to use it
- Enter total current debt, current average apr, current total monthly payment, new loan apr, new loan term and new loan fee.
- The result appears straight away and updates as you edit.
- Copy the result, or copy a link that keeps the same values to share it.
How it is calculated
Current: pay the balance at the current APR and payment, month by month. New: payment = balance × r ÷ (1 − (1 + r)^−n); fee = balance × fee %. Saving = current interest − (new interest + fee).
Example
Inputs: Total current debt = 10,000, Current average APR = 24 %, Current total monthly payment = 400, New loan APR = 12 %, New loan term = 36 months. Result: Saving from consolidating: 2,043.98; New monthly payment: 332.14; Current payoff time: 36 months.
Limits and caveats
- Treats current debts as one balance at one average rate.
- Assumes the fee is paid upfront, not added to the loan, and no new borrowing.
Questions about this tool
Does a lower payment mean a saving?
Not always. A longer term can lower the payment and raise total interest, so check the saving figure.
How do I get my current average APR?
Multiply each balance by its APR, add the results and divide by the total balance.
What does a negative saving mean?
The new loan would cost more than carrying on with your current debts.