Debt Consolidation Calculator

Compare consolidation options and calculate savings from combining multiple debts.

Calculate potential savings from consolidating multiple debts into a single loan. Compare your current debt payments with consolidation options to see if you can save money and simplify your finances.

Current Debts

Credit Card 1 Balance

Credit Card 1 Interest Rate (%)

Credit Card 1 Min Payment

Credit Card 2 Balance

Credit Card 2 Interest Rate (%)

Credit Card 2 Min Payment

Personal Loan Balance

Personal Loan Interest Rate (%)

Personal Loan Payment

Other Debt Balance

Other Debt Interest Rate (%)

Other Debt Payment

Consolidation Loan Options

Consolidation Loan Type

New Interest Rate (%)

New Loan Term (years)

Consolidation Costs

Origination Fee (%)

Balance Transfer Fee (%)

Other Fees

Payment Strategy

After Consolidation

Debt Consolidation Options

Several ways to consolidate high-interest debt:

Personal Loan: Fixed rate, fixed term, predictable payments
Balance Transfer Card: 0% intro APR for 12-21 months, then variable rate
Home Equity Loan: Lower rates using home as collateral, tax-deductible interest
HELOC: Variable rate line of credit secured by home equity

Benefits of Debt Consolidation

Simplified Payments: One payment instead of multiple creditors each month.

Lower Interest: Potentially reduce overall interest rate on debt.

Fixed Terms: Know exactly when debt will be paid off.

When Consolidation Makes Sense

Consider consolidation when you have:

Multiple high-interest debts (credit cards, store cards)
Good credit to qualify for lower consolidation rates
Stable income to support consolidated payment
Discipline to avoid running up new debt on paid-off cards
A clear payoff plan and timeline

Note: Debt consolidation only works if you stop accumulating new debt and stick to your repayment plan. Consider addressing underlying spending habits before consolidating. Home equity loans put your home at risk if you cannot make payments.