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.
Example: with Total debt to consolidate $20,000 · Current average APR 22% · Current total monthly payment $650 · Consolidation loan APR 12% → New monthly payment: $664.
- Monthly change$14 higher
- Total interest on new loan$3,914
- Total interest on current debt$9,710
Computed by the calculator below using its default values. Change any input to see your own numbers.
\ud83d\udd17 Compare consolidation loan offers
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.
Optional: list up to five individual debts and we auto-fill the total, weighted-average APR, and combined payment above once two or more rows have a balance. A loan fee is financed into the balance (principal + fee), and the fee-adjusted real APR is approximated as the nominal rate plus the fee amortized over the term — not a precise IRR solve. “Total interest on current debt” estimates payoff if you kept paying your current amount at your current average APR, capped at 100 years; it shows “—” if that payment never covers the accruing interest.
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.