Debt Consolidation Calculator
Should you consolidate your debt? Use this calculator to find out.
How the debt consolidation calculator works
It compares the total interest and payoff time of your current debts against a single consolidation loan at a new rate and term, showing whether folding everything into one payment actually saves money.
Worked example: with total debt balance of $25,000, current average apr of 19.00% and current total monthly payment of $650, the debt consolidation calculator shows interest you could save of $7,838.
- New monthly payment
- $646.14
- New total interest
- $6,015
- Current total interest
- $13,853
- New payoff time
- 4.0 yrs
The formula
Current debts are paid down at your existing payment; the consolidation loan is amortized at its rate and term. The tool compares total interest and the monthly payment.
Results are estimates for educational purposes and are not financial advice. Confirm exact figures with your lender, plan administrator or advisor.
Questions about the debt consolidation calculator
Does debt consolidation save money?
It can, if the new rate is meaningfully lower and you avoid stretching the term too far. The calculator shows the interest saved — or the extra cost — for your numbers.
Why might consolidating cost more?
A longer term can lower the monthly payment while increasing total interest. Always check the total-interest comparison, not just the payment.
Will consolidating hurt my credit?
Opening a new loan causes a small temporary dip, but reducing balances and simplifying payments often helps over time. The financial case is what this tool measures.
Is the Debt Consolidation Calculator free to use?
Yes. Every calculator on FinCalculators is completely free, with no sign-up, login or paywall. You can run as many scenarios as you like.