Debt Consolidation Calculator
See whether rolling your balances into one loan helps. Enter your debt and a consolidation offer to compare the monthly payment, total interest, and rate against your current average APR.
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Learn moreWhen consolidation helps
Debt consolidation combines multiple balances into one loan with a single payment. It helps when the new APR is lower than your current blended rate and you avoid stretching the term so long that you pay more interest overall. The average credit-card APR is around 21–22%, so a fixed personal-loan rate in the low teens can cut both the rate and the payoff time.
How it’s calculated & sources
New payment is a standard amortized loan: P×r ÷ (1 − (1+r)^−n), with r the monthly rate and n the term in months. Total interest = payment × term − principal. We compare the new APR to your current average.
Benchmark: average U.S. credit-card APR ~21–22% (Federal Reserve G.19); personal-loan APRs commonly ~11–15% for good credit.
Results update as you type and are general estimates, not personalized advice. Verify with a professional.
Worked example
Consolidating $20,000 at 12% over 36 months costs about $664/month and ~$3,900 in interest — a lower rate than a 22% card and a fixed payoff date.
Frequently asked questions
Does consolidation hurt my credit?
A new loan adds a hard inquiry and can dip your score short-term, but paying down revolving balances often helps utilization over time.
What is the catch?
A longer term can lower the payment but raise total interest. Watch origination fees and keep the term as short as you can afford.
Is a balance transfer better?
A 0% balance-transfer card can beat a loan if you clear the balance before the promo ends; otherwise a fixed loan is more predictable.