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Debt Consolidation Calculator

Whether consolidating your debts actually costs you less.

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Debts you would consolidate

NameBalanceRate (%)Payment

The consolidation offer

—

If you keep paying what you pay now

The consolidation loan at the same total monthly payment, rather than dropping to its lower minimum.

Cleared in—
Total interest—

Genuine saving

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Staying as you are

Monthly payment—
Cleared in—
Total interest—
Weighted average rate—

Consolidating

Monthly payment—
Amount borrowed—
Fee—
Total interest—

Quick Tool Overview

The Debt Consolidation Calculator compares the debts you have against the consolidation loan on offer, fees included, and reports total interest both ways — because a lower monthly payment over a longer term frequently costs more, not less.

What it does
Tests whether consolidating your debts actually saves money
You give it
Your current debts and the consolidation offer with its fees
You get back
The new payment, total cost each way and the genuine saving
Best for
Deciding whether to accept a consolidation or balance transfer
Calculators Free, unlimited use No sign-up Runs in your browser

About the Debt Consolidation Calculator

List your current debts with their balances, rates and payments, then enter the consolidation loan on offer. The calculator compares the two side by side: the new monthly payment, the total interest each way, and whether the deal genuinely saves you money.

Consolidation usually lowers the payment, but a lower payment is not the same as a lower cost. Stretching high-rate debt over a longer term can reduce the monthly figure while increasing the total substantially, and origination or balance transfer fees eat into any saving before it starts. The honest test is total interest against total interest at the same time horizon, which is what this calculator reports, alongside the break-even the fees have to clear.

Key features of the Debt Consolidation Calculator

Total cost, not monthly payment

The payment almost always falls; the question is whether the total does, and that is what is compared.

Fees included

Origination and balance transfer fees eat into the saving before it starts, so they are in the calculation.

Same-term comparison

See the result if you keep paying the old total rather than dropping to the new minimum.

Weighted average rate

Your existing debts reduced to one comparable rate, so the offer can be judged against it.

Break-even on fees

How long the lower rate takes to recover what the consolidation cost to arrange.

How to use the Debt Consolidation Calculator

  1. 1

    List your current debts

    Balance, rate and current monthly payment for each one you are considering consolidating.

  2. 2

    Enter the consolidation offer

    The rate, the term and any origination or balance transfer fee.

  3. 3

    Compare total cost

    Look at total interest, not the monthly payment, which almost always falls regardless.

  4. 4

    Check the same-term case

    See what the consolidation costs if you keep paying the old total each month rather than the new minimum.

Frequently asked questions

Only if the new rate after fees is genuinely lower and you do not extend the term much. A lower payment over a longer period frequently costs more in total, which the comparison here makes visible.

Reviews of the Debt Consolidation Calculator

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