Debt Consolidation Calculator
Enter Your Current Debts
Enter your current balances, APRs and monthly payments to compare your existing debts with a potential consolidation loan. Results update automatically as you enter balances, APRs, payments and new loan terms.
New Consolidation Loan
The new loan amount equals the active debt balances entered above.
Consolidation Comparison
See the monthly payment, remaining interest and new-loan costs side by side.
Current Debt Cost vs. New Loan Cost
The current debt estimate uses the payments you entered. The new loan uses the selected APR and term.
New Loan Amortization Schedule
Year-by-year principal, interest and ending balance for the consolidation loan.
| Year | Principal Paid | Interest Paid | Total Paid | Ending Balance |
|---|
How a Debt Consolidation Calculator Works
A debt consolidation calculator compares several existing debts with a potential new loan. By entering each balance, APR and monthly payment, you can estimate how your current payment burden and remaining interest compare with one consolidated payment.
The new loan calculation uses the standard amortizing-loan formula. At 0% APR, the calculation switches to simple principal divided by the number of payments, so no interest is created by the formula.
Origination fees are shown separately rather than being added to the new loan principal. This makes it easier to see the difference between the new loan's interest cost and its upfront fee.
Frequently Asked Questions
Common questions about debt consolidation calculations.
Can debt consolidation lower my monthly payment?
It can, depending on the new loan's APR, term and amount. A longer repayment term often lowers the monthly payment but can increase total interest.
Does debt consolidation always save interest?
No. The result depends on the new APR, repayment term and fees. Compare the remaining interest on your existing debts with the new loan interest plus any applicable upfront fees.
How is the origination fee handled?
This calculator treats the origination fee as an upfront cost and does not finance it into the new loan principal. It is added to the new loan's interest when comparing financing cost.
Does the calculator support 0% APR?
Yes. At 0% APR, the scheduled payment is the principal divided by the number of payments and the calculated interest is $0.00.
What information do I need to use the calculator?
For each debt, enter the current balance, APR and monthly payment. Then choose the APR, term and origination fee for the potential consolidation loan.