Debt Consolidation Calculator
Compare your current debts with one consolidation loan: monthly payment, months to pay off, total interest, fees and how much you save or lose.
Consolidation loan
| Current debts | Consolidation loan | |
|---|---|---|
| Monthly payment | ||
| Months to pay off | ||
| Total interest | ||
| Fees | ||
| Total paid | ||
| Interest rate (APR) |
What it does
Debt consolidation means taking one new loan, usually a personal loan or a balance transfer, to pay off several debts such as credit cards. The calculator pays each current debt month by month with its own payment until it reaches zero, adds up the interest, and compares it with the new loan, including an origination fee taken from the money you receive.
How to use it
- Type each debt with its balance, annual interest rate and the monthly payment you make now.
- Type the interest rate, term and origination fee of the consolidation loan you were offered.
- Compare the monthly payment, the months to be debt-free and the total paid, and see how much you save.
The arithmetic runs in your browser. Nothing you type is sent anywhere and nothing is stored, so you can use these with real numbers.
Frequently asked questions
Is debt consolidation a good idea?
It is when the new loan has a lower rate than your debts and you do not take on new debt afterwards. A longer term lowers the payment but can raise the total interest.
How much can I save by consolidating?
Debts of 8,000 at 24%, 4,000 at 22% and 3,000 at 18%, paid at 500 a month, cost 7,455.65 in interest over 52 months. A 48-month loan at 11% costs 387.68 a month and saves 3,846.88.
Does an origination fee change the result?
Yes. A 5% fee taken from the loan means borrowing more to receive the same amount. In the example above, the APR goes from 11% to 13.76% and the saving falls to 2,867.47.
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