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Debt Calculators

Debt Consolidation Calculator

Compare paying off multiple debts individually against rolling them into a single consolidation loan — monthly payment, total interest, and projected savings.

Simulates each current debt independently at its minimum payment and compares total cost to an amortized consolidation loan including the consolidation fee.

Current debts

$
%
$
$
%
$
$
%
$
%
yr
%
Verdict
Save $6,181
Consolidation saves $6,181 overall.
Current debts
$440/mo
Total balance
$18,500
Total interest
$12,539
Longest payoff
7 yr 4 mo
Consolidation loan
$414/mo
Loan principal (incl. fee)
$19,055
Origination fee
$555
Total interest
$6,358
Payoff
5 yr
Monthly payment difference
$26
Lifetime savings
$6,181
Explain this result

Turn the numbers above into plain-language takeaways. Educational only — not financial advice.

Save & Compare Scenarios

Save the current inputs under a name, then reload or compare them side by side. Scenarios stay on this device only.

Overview

How the Debt Consolidation Calculator Works

Consolidation can save real money — or quietly cost more — depending on the rate, the term, and the fee. This calculator simulates your current debts month by month at their minimum payments, then compares the total cost to a single consolidation loan at the rate, term, and fee you enter. The savings number is honest: it includes the fee and the longer term if applicable.

Formula

The Math Behind the Calculator

Current path: simulate each debt independently with its APR and minimum payment. Consolidation: principal = total balances + (total × fee%); monthly payment uses standard amortization at the consolidation rate; total cost = monthly × n. Savings = current total cost − consolidation total cost.

Example

A Worked Example

Three debts totaling $18,500 with current minimums of $350/mo cost ~$5,200 in interest over their natural payoff. A 5-year consolidation at 11% with a 3% fee → $407/mo, ~$5,700 in interest including the fee. The consolidation is slightly more expensive overall but locks in a fixed payoff date and a lower blended rate.

How to use

How to Use the Debt Consolidation Calculator

  1. 1List each current debt with its balance, APR, and minimum payment.
  2. 2Enter the consolidation loan's rate, term, and origination fee %.
  3. 3Look at both the monthly payment difference and the total cost difference — they often tell different stories.
Interpretation

What the Results Mean

  • Monthly payment difference shows the cash-flow change.
  • Total savings is the lifetime dollar difference, fee included.
  • If savings is negative, the consolidation is actually more expensive — usually because the term is too long or the fee is too high.
Keep exploring

Smart Next Steps

What to explore next
  • Compare snowball payoff without consolidating.Snowball
  • Compare avalanche payoff without consolidating.Avalanche
Avoid

Common Mistakes to Avoid

  • Consolidating credit card debt and then running the balances back up — net debt doubles.
  • Stretching the term to lower the monthly payment, which often erases all the interest savings.
  • Ignoring the origination fee — a 3–8% fee on $20k is real money.
Keep going

Related Calculators

Debt Snowball Calculator

Pay debts smallest-to-largest with a snowball strategy. Project the payoff order, timeline, and total interest for your full debt list.

Debt Avalanche Calculator

Pay highest-APR debts first with an avalanche strategy. Project the optimal payoff order, timeline, and the total interest saved.

Debt Payoff Calculator

See exactly how long it will take to pay off any debt — and what the interest will cost you along the way.

Loan Comparison Calculator

Compare two loan offers side by side — monthly payment, total interest, total cost including fees, and effective APR.

FAQ

Frequently Asked Questions

Will consolidating hurt my credit?+

Short-term yes (new account, hard pull, lower average age). Long-term it often helps as utilization drops and you make on-time payments on one loan instead of several.

What's a typical consolidation rate?+

Personal-loan consolidation runs 8–25% APR depending on credit; HELOC-based consolidation can be lower but uses your home as collateral.

Is debt consolidation the same as debt settlement?+

No. Consolidation pays creditors in full at a new rate. Settlement negotiates a lower payoff and severely damages credit.

Financial Disclaimer

This calculator is for educational and estimation purposes only. It does not provide financial, mortgage, tax, investment, or legal advice. Actual rates, payments, taxes, fees, insurance costs, eligibility, and loan terms vary by lender, location, credit profile, and market conditions. Always compare official offers and consult a qualified professional before making financial decisions.

Last updated June 2026 · Prepared by the mCalculator Editorial Team