Debt Consolidation Calculator
Calculate debt consolidation from your own entered figures.
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Currency: Amounts are calculated in the currency you select; this site does not convert between currencies and does not use live exchange rates.
What this tool does
Calculate debt consolidation from your own entered figures. The new loan pays off every listed debt in full; fees are financed into the new loan and also counted in its cost. No prepayment penalties; fixed rates throughout.
How to use the Debt Consolidation Calculator
- Enter or select debts (name, balance, apr, minimum payment — one per line).
- Enter or select new consolidation loan rate (%).
- Enter or select new loan term (months).
- Enter or select origination / closing fees.
- Read the calculated result; change any measurement to compare alternatives.
Formula
current path: simulate the debts at their minimum payments only and total the interest; new path: one loan for the combined balance plus fees at the new rate and term; savings = current interest − new interest − fees
- debts
- Debts (Name, balance, APR, minimum payment — one per line)
- newRate
- New consolidation loan rate (%)
- newTermMonths
- New loan term (months)
- fees
- Origination / closing fees
The new loan pays off every listed debt in full; fees are financed into the new loan and also counted in its cost. No prepayment penalties; fixed rates throughout.
Worked example
For debt consolidation calculator, the following measurements illustrate the exact method: Debts (Name, balance, APR, minimum payment — one per line): Store Card, 1200, 26.99, 35 Visa Card, 4500, 21.99, 110 Personal Loan, 6000, 11.5, 180; New consolidation loan rate (%): 12; New loan term (months): 48; Origination / closing fees: 300.
Inputs
- Debts (Name, balance, APR, minimum payment — one per line)Store Card, 1200, 26.99, 35 Visa Card, 4500, 21.99, 110 Personal Loan, 6000, 11.5, 180
- New consolidation loan rate (%)12 %
- New loan term (months)48
- Origination / closing fees$300
Result
- New monthly payment$316.01
- Interest on current debts (minimums only)$6,273.24
- Interest + fees on consolidation loan$3,468.29
- Total saving from consolidating$2,804.95
- Combined balance$11,700.00
- Current combined minimums$325.00
Results explained
- New monthly payment
- New monthly payment from the formula above. The new loan pays off every listed debt in full; fees are financed into the new loan and also counted in its cost. No prepayment penalties; fixed rates throughout.
- Interest on current debts (minimums only)
- Interest on current debts (minimums only) from the formula above. The new loan pays off every listed debt in full; fees are financed into the new loan and also counted in its cost. No prepayment penalties; fixed rates throughout.
- Interest + fees on consolidation loan
- Interest + fees on consolidation loan from the formula above. The new loan pays off every listed debt in full; fees are financed into the new loan and also counted in its cost. No prepayment penalties; fixed rates throughout.
- Total saving from consolidating
- Total saving from consolidating from the formula above. The new loan pays off every listed debt in full; fees are financed into the new loan and also counted in its cost. No prepayment penalties; fixed rates throughout.
- Combined balance
- Combined balance from the formula above. The new loan pays off every listed debt in full; fees are financed into the new loan and also counted in its cost. No prepayment penalties; fixed rates throughout.
- Current combined minimums
- Current combined minimums from the formula above. The new loan pays off every listed debt in full; fees are financed into the new loan and also counted in its cost. No prepayment penalties; fixed rates throughout.
Frequently asked questions
current path: simulate the debts at their minimum payments only and total the interest; new path: one loan for the combined balance plus fees at the new rate and term; savings = current interest − new interest − fees
The new loan pays off every listed debt in full; fees are financed into the new loan and also counted in its cost. No prepayment penalties; fixed rates throughout.
No. All numbers are entered by you or come from the dated reference table shown on this page; calculations run locally.
This is an estimate, not financial, tax or legal advice. Verify the inputs and output with official sources and a qualified professional.
Check period consistency, currency, percentage inputs and the assumptions: The new loan pays off every listed debt in full; fees are financed into the new loan and also counted in its cost. No prepayment penalties; fixed rates throughout.