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Debt Consolidation Calculator
See what happens when you combine your credit cards and loans into a single payment. Enter each debt and your proposed loan, then press Calculate to compare interest, payoff time and monthly cost.
Written by TopicDrill Editorial Team·Updated June 2026
Balance owed over time
Consolidated Keep as-is
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How the debt consolidation calculator works
The tool runs two stories side by side. In the first, every debt keeps its own rate and the fixed payment you make today, and the calculator pays each one down month by month until it disappears. In the second, all the balances plus any fees become a single loan that amortizes over the term you choose at the new rate.
Comparing the two gives you the numbers that actually matter: the difference in monthly payment, the difference in months until you are debt free, and the total interest you save. The chart traces the balance owed under each plan so you can see how much faster the consolidated loan reaches zero.
A worked example
Suppose you owe 8,000 dollars at 22 percent, 5,000 at 18 percent and 3,000 at 15 percent, paying 480 dollars a month across all three. Folding the 16,000 plus a 300 dollar fee into a 48-month loan at 11 percent drops the payment to roughly 420 dollars a month and cuts thousands from the interest, while giving you one due date instead of three.
Things to keep in mind
A lower payment from a longer term can quietly cost more interest, so always watch the lifetime interest line, not just the monthly figure. The rate you are quoted depends on your credit, so check your score first; the CFPB has neutral guidance on managing debt. To attack balances without a new loan, try our credit card payoff calculator.
Frequently asked questions
How does debt consolidation actually save money?
Consolidation replaces several high-rate balances with one loan at a lower rate. Because more of every payment goes to principal instead of interest, you clear the debt sooner and pay less interest overall. The saving is largest when your old cards carry rates well above the new loan rate.
Will my monthly payment always go down?
Not necessarily. A longer term lowers the monthly payment but can raise total interest, while a short term may raise the payment even though the rate is lower. This calculator shows both the new payment and the lifetime interest so you can see the trade-off before you commit.
Should I include fees in the calculation?
Yes. Balance-transfer fees and loan origination fees are real costs that eat into your savings. Enter them in the fees field and the tool rolls them into the loan balance, so the interest and payment figures reflect what you would truly pay.
Is consolidating debt always a good idea?
Not for everyone. If the new rate is not meaningfully lower, or if you keep using the paid-off cards, you can end up deeper in debt. Consolidation works best when it lowers your rate, you close or stop using the old accounts, and you keep the same or higher payment.
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