Debt consolidation calculator
Whether one consolidation loan beats paying off your current debts as they are.
About this calculator
This debt consolidation calculator compares keeping your current debts with combining them into one new loan. Enter each debt's balance, rate and monthly payment.
It shows the new monthly payment, how long each option takes and which one costs less in total, fees included.
How it works
Each current debt is paid with its own monthly payment until it is cleared, and every payment is added up. The new loan covers the total balance plus its fee and is repaid with level payments over the term you choose.
Last reviewed:
Worked example
- One debt per line: balance, APR, monthly payment: 6000 24.9 180; 3500 19.9 110; 8000 11 250
- New loan rate: 10% a year
- New loan term: 3 yr
- Origination fee: 3%
Consolidating saves you: $3,884.15 (in total payments)
Common questions
Does debt consolidation save money?
Only if the new loan's interest and fees cost less than your current debts over the time you take to repay. This calculator compares both totals.
Will consolidating hurt my credit score?
Applying for a loan causes a small, temporary dip. Paying on time and lowering your card balances usually helps your score over time.
What is an origination fee?
A one-off charge for setting up the loan, often taken from the money you receive. For personal loans it is often a few percent of the loan.
Sources and further reading
The story behind it
Where the idea came from: Nonprofit credit counselling agencies in the United States have helped people combine their debts into one monthly plan since the 1950s.
Combining debts can cut the interest rate and make payments simpler. It only helps if the total cost falls and no new debt builds up on the accounts you have cleared.
Why you can trust this calculator
- It runs in your browser. Nothing you type into it is sent anywhere.
- The method is explained on this page, so you can check it yourself.
- Free to use, with no sign-up.
- Results are estimates, not financial advice.
- Spotted a mistake? Tell us and we'll look into it.
After 15 years as a mathematics educator, I built CalculStore to give students, teachers, professionals and anyone working with numbers simple, reliable tools.
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