Debt Consolidation Calculator
Compare paying up to four debts as they are with one consolidation loan: payoff time, total interest, the new payment, fees and the true difference in total cost.
Interactive calculator · Method DEBT-CONSOLIDATION-1.0 · Last reviewed: 2026-11-04
Calculate your scenario
Each current debt is simulated month by month: interest = balance × APR ÷ 12, then the payment is applied, until it is paid off (capped at 1,200 months).
Your inputs
Default worked example. Edit the inputs to calculate your scenario.
Default worked example
New loan $16,800.00 at 11.99% for 48 months = $442.33 a month, $21,231.65 in all; current debts cost $23,420.08 over 54 months.
How to use the calculator
Enter each debt’s balance, APR and the monthly payment you make now (leave unused rows at 0). Then enter the consolidation offer’s APR, term and origination fee, and whether the fee is added to the loan or paid upfront.
What the result means
Paying $550 a month as now clears $16,000 in 54 months with $7,420.08 of interest; a 48-month loan at 11.99% with a financed 5% fee costs $442.33 a month and $2,188.43 less in total.
Formula and units
Each current debt is simulated month by month: interest = balance × APR ÷ 12, then the payment is applied, until it is paid off (capped at 1,200 months). Current cost = balances + all that interest. New loan amount = total balances (+ fee if financed); payment M = L × r ÷ (1 − (1 + r)^−n), r = APR ÷ 12. New cost = M × n (+ fee if paid upfront). Total cost change = new cost − current cost.
Worked examples
Three debts into a 48-month loan at 11.99%: Debt 1 balance: 8000 $; Debt 1 APR: 24.99 %; Debt 1 monthly payment: 250 $/month; Debt 2 balance: 5000 $; Debt 2 APR: 19.99 %; Debt 2 monthly payment: 180 $/month; Debt 3 balance: 3000 $; Debt 3 APR: 9 %; Debt 3 monthly payment: 120 $/month; Debt 4 balance (0 = unused): 0 $; Debt 4 APR: 0 %; Debt 4 monthly payment: 0 $/month; Consolidation loan APR (your offer): 11.99 %; Consolidation loan term: 48 months; Origination fee (example): 5 % of balances; Origination fee: financed.
Example result: New loan payment: $442.33; Current total monthly payments: $550.00; Monthly payment change (new − current): -$107.67; Current payoff: 54 months, $7,420.08 interest; New loan interest plus fees: $5,231.65; Total cost change (new − current): -$2,188.43.
Same debts into an 84-month loan at 15.99% with a 6% fee: Debt 1 balance: 8000 $; Debt 1 APR: 24.99 %; Debt 1 monthly payment: 250 $/month; Debt 2 balance: 5000 $; Debt 2 APR: 19.99 %; Debt 2 monthly payment: 180 $/month; Debt 3 balance: 3000 $; Debt 3 APR: 9 %; Debt 3 monthly payment: 120 $/month; Debt 4 balance (0 = unused): 0 $; Debt 4 APR: 0 %; Debt 4 monthly payment: 0 $/month; Consolidation loan APR (your offer): 15.99 %; Consolidation loan term: 84 months; Origination fee (example): 6 % of balances; Origination fee: financed.
Example result: New loan payment: $336.76; Current total monthly payments: $550.00; Monthly payment change (new − current): -$213.24; Current payoff: 54 months, $7,420.08 interest; New loan interest plus fees: $12,288.18; Total cost change (new − current): $4,868.10.
Limitations and common mistakes
Uses the APRs and payments you enter and assumes they stay fixed, with no new charges, late fees or rate changes; monthly APR ÷ 12 approximates daily interest. Loan offers, fees and terms come from your lender. A lower monthly payment does not by itself mean a lower total cost.
Choosing the offer with the lowest monthly payment: stretching the term can make the total cost higher than keeping the current debts, even at a lower rate.
Sources and assumptions
Method DEBT-CONSOLIDATION-1.0; last formula review 2026-11-04. Sources and their supported claims. Calculation methodology.