Debt Consolidation Calculator
Determine if consolidating your debts will save you money on interest and reduce your monthly payments
See Your Potential Savings
Enter your current debts and consolidation loan details to see if consolidation is right for you.
Is Debt Consolidation Right For You?
Debt consolidation combines multiple debts into a single loan with a lower interest rate, simplifying your payments and potentially saving you thousands in interest. Our calculator helps you determine if consolidation makes financial sense for your situation.
How Debt Consolidation Works
Debt consolidation involves taking out a new loan to pay off multiple existing debts. This leaves you with just one monthly payment, ideally at a lower interest rate than your current debts.
- Lower interest rates – Reduce the overall cost of your debt
- Simplified payments – Manage just one payment instead of multiple
- Faster payoff – Become debt-free sooner with lower rates
- Improved credit – Potentially boost your credit score over time
When to Consider Consolidation
Debt consolidation may be a smart strategy if:
- You have multiple high-interest debts (credit cards, personal loans)
- You can qualify for a consolidation loan with a lower APR
- You’re committed to not accumulating new debt
- The savings outweigh any consolidation fees
Important: Debt consolidation doesn’t reduce your total debt – it restructures it. For best results, continue making payments at least equal to your current total payment amount.