Debt Consolidation Calculator
Quick answer
A debt consolidation calculator compares your existing debts against one new consolidation loan. Enter your current total balance, average rate, and monthly payment, then the proposed loan's rate and term. It shows the monthly payment and total interest both ways, so you can see whether consolidating genuinely saves money or just lowers the monthly figure.
Your current debt
Proposed consolidation loan
Consolidation monthly
—
Interest saved vs. current
—
Email me this result and related tips
What this compares
The calculator works out the total interest you'd pay on a single consolidation loan at the rate and term you enter, then estimates the interest on your current debt for comparison. The headline figure is how much interest consolidating would save, or cost, against staying put. A positive number means the loan is cheaper overall; a negative one means it isn't, even if the monthly payment looks friendlier.
The number that actually matters
A consolidation loan can lower your monthly payment simply by stretching repayment over more months, while costing you more in total interest. That 's why this tool leads with interest saved rather than the monthly payment. If the savings figure is small or negative, consolidating is moving your debt around without real benefit, and you'd want to look harder at the rate or term, or at a different option entirely.
For the full picture on when consolidating helps, read our debt consolidation loans guide or compare it against settlement in our consolidation vs. settlement breakdown.
Frequently asked questions
How do I know if debt consolidation will save me money?+
Compare the total interest on your current debts against the total interest on a single consolidation loan. If the loan's rate is meaningfully lower and the term isn't dramatically longer, you'll usually save. This calculator runs both sides so you can see the difference.
Can a consolidation loan cost more even at a lower rate?+
Yes. A longer term can mean more total interest even at a lower rate, because you're paying interest for more months. Always compare the total cost, not just the monthly payment or the rate in isolation.
What rate do I need for consolidation to be worth it?+
There's no single threshold, but the consolidation rate should be clearly below the blended rate of the debts you're combining. If the best loan you qualify for isn't lower, consolidation won't help, and a debt management plan may be a better route.