Debt Consolidation Calculator
See if combining your debts into one loan will save you money.
Your current debts
Add all the debts you want to consolidate
Total Debt
Avg APR
Total Payments
Consolidation loan offer
Enter the terms of the loan you're considering
Usually 1-8%
Consolidation saves you
This could be a smart move!
Consolidation costs you
You may be better off with a different approach
Keep separate debts
Consolidation loan
Monthly payment comparison
Current payments
New payment
Monthly savings
Things to consider
Longer term = more interest
A lower payment might cost more in the long run.
Unsecured vs secured
Home equity loans have lower rates but put your house at risk.
Don't rack up new debt
Consolidation only works if you don't use those paid-off cards again.
How debt consolidation works
Debt consolidation combines multiple debts into a single loan with one monthly payment. The goal is to get a lower interest rate, simplify your payments, or both.
Types of consolidation loans
- Personal loan — Unsecured, fixed rate, 2-7 year terms
- Balance transfer card — 0% promo rate, usually 12-21 months
- Home equity loan — Lower rates, but your home is collateral
- 401(k) loan — Borrowing from yourself, but risky for retirement
When consolidation makes sense
- You qualify for a lower interest rate than your current debts
- The total cost (including fees) is less than staying separate
- You have the discipline to not accumulate new debt
- Simplifying to one payment will help you stay on track