Debt Consolidation Calculator
Compare the combined payment on multiple debts to a single consolidation loan's payment.
- Current Combined Min. Payments$480.00
- New Consolidated Payment$421.34
Consolidating drops your monthly outlay by $58.66 — but check the new term length, since a lower payment can still mean more total interest if it's stretched out longer.
- Total Debt$16,000.00
- Estimated Current Combined Min. Payments$480.00
- Monthly Savings$58.66
Current combined payment is estimated using a typical 3%-of-balance minimum — use your real statement minimums for an exact comparison.
About the Debt Consolidation Calculator
Juggling several balances at different rates makes it hard to answer a simple question: is rolling everything into one consolidation loan actually cheaper? The individual minimum payments add up to some total, the new loan has its own rate and term, and comparing them by eye usually undersells how much the term length of the new loan matters.
This calculator adds up your current debts and estimates what you're roughly paying toward them now, then compares that to the single amortized payment a consolidation loan at a new rate and term would produce — the two numbers people actually want side by side before applying for anything.
It's built for anyone weighing a debt consolidation loan or balance-transfer offer against what they're currently juggling across multiple cards or loans.
None of the balances or rates you enter are sent anywhere — the comparison runs entirely in your browser.
Frequently asked questions
Does debt consolidation always save money?
Not automatically — it depends on whether the new rate is meaningfully lower than your current blended rate and how long the new term runs. A lower monthly payment from a longer term can still mean paying more in total interest, even while easing month-to-month cash flow.
Is a lower monthly payment always a sign consolidation is worth it?
No — a lower payment is often achieved simply by stretching the term out longer, which can increase total interest paid even as it reduces the immediate monthly burden. Compare total cost over the full term, not just the monthly figure.
Is debt consolidation the same thing as a balance transfer?
They're related but not identical. A balance transfer moves card debt onto a new card, often with an introductory low or 0% rate for a limited time. Consolidation typically means a personal loan that pays off multiple debts and replaces them with one fixed-term installment payment.
How is my current combined payment estimated if I don't know my real minimums?
This calculator approximates each debt's minimum payment as roughly 3% of its balance (with a small floor), a common structure for card minimums — use your actual statement minimums instead for an exact comparison if you have them.
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