Debt Consolidation Calculator
Compare your current debt costs against a consolidated loan. See if combining your debts into one lower-rate payment actually saves money — or costs more.
47
Months to payoff
$1,984
Total interest
$6,984
Total paid
Frequently Asked Questions
What is debt consolidation?+
Debt consolidation means combining multiple debts into a single loan, usually at a lower interest rate. Instead of managing several payments, you make one monthly payment. The goal is to reduce total interest and simplify your finances.
When does debt consolidation make sense?+
It makes sense when you can get a significantly lower interest rate (at least 2-3% lower) and you have the discipline to not rack up new debt on the accounts you just paid off. If you'll use freed credit limits, consolidation can make things worse.
What are the risks of debt consolidation?+
The main risk is extending your payoff timeline. A lower rate with a longer term can mean you pay MORE total interest, not less. Also, if you run up new balances on cards you consolidated, you'll end up with more debt than before.
Does debt consolidation hurt my credit score?+
Short term, it may cause a small dip from the hard inquiry and new account. Long term, it typically helps because your credit utilization drops and you're making consistent payments on the new loan.
Related Tools
Ready to build your debt-free plan?
Create a free account to track all your debts, compare strategies, and get AI-powered advice.
Start Free