Financial Calc

Debt Consolidation Calculator

Compare your current debts with a consolidation loan to see potential savings. Get personalized rates based on your credit score.

Debt Information

1 year7 years
0%5%

Current Debts

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%
$
$
$
%
$
$

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Consolidation Analysis

+$108
Monthly Payment Change
$2,298
Interest Savings
+7 months
Time Added

Current Debts

Total Balance:
$12,500
Monthly Payment:
$400
Weighted Avg Rate:
23.64%
Payoff Time:
4 years, 5 months
Total Interest:
$7,711
Total Cost:
$20,211

Consolidated Loan

Loan Amount:
$12,500
Monthly Payment:
$292
Estimated APR:
83.41%
Payoff Time:
5 years
Total Interest:
$4,991
Total Cost:
$17,491

💡 Our Recommendation

Debt consolidation could save you $2,298 in interest and reduce your monthly payment by $108. Consider applying for a personal loan with rates between 10%-16%.

Understanding Debt Consolidation

What is Debt Consolidation?

Debt consolidation combines multiple debts into a single loan with one monthly payment, potentially at a lower interest rate.

Benefits

Simplifies payments, may reduce interest rates, can lower monthly payments, and helps establish a clear payoff timeline.

Credit Score Impact

Your credit score determines loan rates. Higher scores (750+) typically qualify for the best rates (6-12% APR).

Origination Fees

Many lenders charge 1-5% origination fees. These are added to your loan amount and included in the APR calculation.

When to Consolidate

Consider consolidation if you qualify for a lower rate, want simplified payments, or need lower monthly payments.

Alternatives

Balance transfers, debt management plans, or the debt avalanche method may be better options depending on your situation.