Debt Consolidation Calculator

Calculator Inputs

Enter the current details for every debt and the terms of the consolidation loan.

• Your debts: For each one, its type (credit card or loan), the balance you still owe, what you pay toward it each month, and its interest rate.
• Repayment period: The term of the consolidation loan, in years or months. A longer term lowers the monthly payment but usually raises total interest.
• Interest rate: The annual rate the loan quotes. This is a major factor in whether consolidating is worthwhile.
• Origination fee: An upfront fee some lenders deduct from the loan, entered as a percentage or a flat amount.

How the loan amount, fee, and payment are handled

The loan has to clear every balance, so the amount consolidated is the sum of the balances you enter. An origination fee complicates that because the lender takes it out of the money it hands you. The calculator grosses up the loan so that, after the fee, the proceeds still cover your debts in full.

You borrow a little more than you owe and pay interest on the fee too. That is why a lower headline rate can still cost more, and why it is worth judging an offer on its APR.

• The loan's scheduled payment: The fixed monthly payment that clears the loan over the term you set.
• Keep paying your current amount: The total you already put toward your debts each month, applied to the loan instead. This choice is effective only when it is more than the scheduled payment; otherwise the scheduled payment is used.

The current side always reflects your real debts at the payments you make now.

Loans vs. credit cards on the current side

Existing installment loans use simple interest with APR divided across 12 months. Credit cards use a 365-day daily-compounding conversion, which makes the effective monthly rate slightly higher at the same headline APR:

Selecting the correct type matters. The consolidation loan itself is treated as an installment loan.

Understanding Your Results

The table lines up monthly payment, debt-free date, time to clear, total interest, the fee, and total repayment. The headline shows how much consolidating saves or costs after the fee and interest, and whether it clears the debt sooner. The chart shows the same two paths as either remaining balance or monthly payment.

If a current debt never clears at its payment, there is no current payoff total to compare, so the loan wins on providing a firm payoff date. Final payments may be smaller than the regular monthly amount.

Assumptions & Limitations

The calculator holds every rate and payment fixed. In reality, card rates are usually variable and minimums fall as balances drop. It does not model promotional rates, missed payments, or credit-score effects. Figures are estimates rather than a quote. To weigh specific offers, use the loan comparison calculator or refinance calculator; to inspect only your current debts, use the debt payoff calculator.