Free Debt Consolidation Calculator Online
Considering a debt consolidation loan? This free debt consolidation calculator compares your current payments side-by-side with a new single loan. Enter your total debt, current APR, and proposed loan terms to instantly see your new monthly payment, monthly savings, and total interest savings.
Monthly Savings
Enter your details to compare
How This Debt Consolidation Calculator Works
The debt consolidation calculator compares two scenarios: your current debt payments versus a single consolidation loan. It calculates total interest and monthly payments for both, then shows you the difference. This side-by-side comparison makes it easy to see whether consolidation saves you money.
For the current debts, it uses your total balance, average APR, and current monthly payment to project total interest and payoff time. For the consolidation loan, it uses standard amortization math with the new rate and term you specify. The bar chart compares monthly payments and total interest at a glance.
A key insight from the debt consolidation calculator: even if your monthly payment drops, a longer loan term can mean more total interest. Always check both the monthly savings and the total cost comparison before making a decision.
Typical Consolidation Loan Rates by Credit Score
Enter the rate you qualify for in the debt consolidation calculator to see whether consolidation makes sense for your situation.
3 Things to Check Before Consolidating Debt
Rate Difference
Consolidation only helps if the new rate is meaningfully lower than your current average. A 5+ percentage point drop is ideal. On $15,000 of debt, going from 22% to 10% saves roughly $4,500 in interest over 4 years. Use the debt consolidation calculator to verify the savings.
Loan Term
A longer term lowers monthly payments but can increase total interest paid. Choosing a 3-year term over a 5-year term on $20,000 at 10% saves about $2,200 in interest — even though the monthly payment is higher. Balance affordability against total cost.
Origination Fees
Many consolidation loans charge 1-6% upfront. On a $25,000 loan, a 3% fee adds $750 to your cost. Make sure the interest savings exceed any fees. Add the fee to the loan amount in the debt consolidation calculator for a more accurate comparison.
Frequently Asked Questions
Disclaimer: This debt consolidation calculator is for educational and illustrative purposes only. Results assume fixed rates and do not include origination fees, late fees, or other loan costs. Actual savings depend on your credit profile and lender terms. Consult a financial advisor before consolidating debt.
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