Compare your current debts with a single consolidation loan. See how the estimated monthly payment, payoff time, interest, and fees change under the terms you enter.
Side-by-side comparison
Comparison assumes fixed rates, monthly payments, no new borrowing, and the exact payments you enter for current debts. Current payments are not redirected to other balances when an individual debt is paid off. A lender’s terms and fees may differ.
How to use this debt consolidation calculator
Enter the remaining balance, monthly payment, and annual rate for each debt you are considering. Then enter the proposed consolidation loan’s annual rate, term, and fee. Choose whether to finance the fee into the loan or pay it upfront, then compare the estimated totals.
What does debt consolidation do?
Debt consolidation replaces several balances with one new loan. It may simplify monthly payments, but the result depends on the new interest rate, loan term, and fees. A lower payment can come from stretching repayment over more months, which may increase the total amount paid.
How the comparison is estimated
For each current debt, the calculator applies the entered fixed monthly payment and estimates monthly interest as APR divided by 12. For the proposed loan, it calculates a level monthly payment using the entered rate and term. Fees are either added to the loan principal or counted as an upfront cost. The calculation does not include taxes, new spending, missed-payment charges, or changing rates.
Before consolidating
Compare the full repayment cost, not only the monthly payment. Review the written loan offer for origination charges, promotional-rate periods, variable-rate terms, prepayment rules, and whether collateral is required. Consolidating unsecured debt into a loan secured by a home can put the home at risk if payments are not made.
What if my current payment does not cover the interest?
The calculator will flag a debt whose entered payment cannot reduce its balance under the fixed-rate monthly estimate. Check the amount and contact the lender if you need help reviewing repayment options.
Does a lower payment mean I save money?
Not necessarily. A longer term can reduce the monthly payment while increasing total interest. Use the total-cost comparison and consider whether the new payment fits your budget.
Does this guarantee loan approval or savings?
No. Results are estimates based only on your entries. They do not represent a loan offer, approval, or guaranteed savings.
For educational planning only. This calculator is not financial, tax, or legal advice.