Debt Consolidation Calculator
Estimate how much you can save by consolidating several high-interest debts into a single loan. Enter your current total debt and average interest rate, plus the new loan's rate and term — the calculator compares total cost.
Enter current debt and proposed loan
Enter current and proposed loan details, then press Compare.
How consolidation saves money
A consolidation loan replaces several high-interest debts with one loan at a lower rate. The savings come from the reduced interest rate — the term may also matter. Watch out for two pitfalls:
- Longer term: a lower rate over a longer term can still mean more total interest.
- New spending: clearing cards creates room for new debt — the goal is to avoid running them up again.
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Frequently asked questions
Sometimes yes — if the new rate is dramatically lower, a longer term can still yield interest savings while reducing the monthly payment burden. But if the new rate is only slightly lower, a longer term costs more overall. Compare total interest, not just the monthly payment.
If you can qualify for a 0% balance transfer card, this can be even cheaper than a consolidation loan — for the promotional period. After the period ends, the rate jumps to a standard rate (often 20%+). Plan to clear the balance before the promo ends.