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Debt Consolidation Calculator
Enter your current debts with their balances, APRs and monthly payments, then the rate, term and origination fee of a consolidation loan. See the old and new monthly payment, total interest, how many months sooner (or later) you are debt-free, and whether you really save money after fees.
Last updated:
Current debts
Consolidation loan
% / yr
months
%
Enter your values to see the result.
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How to use the Debt Consolidation Calculator
- List your current debts, one per line: name, balance, APR %, monthly payment.
- Enter the consolidation loan APR and term in months.
- Enter the origination fee and how it is charged.
- Read the net savings, the new monthly payment and the change in payoff time.
- Review the side-by-side table to decide whether consolidating is worth it.
How the comparison is calculated
- Current debts: each debt is paid with its current monthly payment until it reaches zero; interest each month = balance × APR ÷ 12. The debt-free time is when the last one is paid.
- New loan amount: balance ÷ (1 − fee) if the fee is deducted from the proceeds, balance × (1 + fee) if it is added, or the balance if you pay the fee upfront.
- New payment: L × r(1 + r)n ÷ ((1 + r)n − 1), with r = APR ÷ 12 and n = term in months.
- Net savings = current total interest − (new loan interest + fee).
Monthly payment per $10,000 consolidated
Payment on a $10,000 consolidation loan with no fee, by APR and term.
| APR | 24 months | 36 months | 48 months | 60 months |
|---|---|---|---|---|
| 8% | $452.27 | $313.36 | $244.13 | $202.76 |
| 10% | $461.45 | $322.67 | $253.63 | $212.47 |
| 12% | $470.73 | $332.14 | $263.34 | $222.44 |
| 15% | $484.87 | $346.65 | $278.31 | $237.90 |
| 18% | $499.24 | $361.52 | $293.75 | $253.93 |
| 22% | $518.78 | $381.90 | $315.06 | $276.19 |
Compare: $10,000 on a credit card at 24% paid at $300 a month takes about 56 months and costs about $6,640 in interest.
Frequently asked questions
How do I know if debt consolidation saves money?
Compare the total interest you would pay by keeping your current payments with the interest on the new loan plus its fees. If the new total is lower, you save. A lower monthly payment alone does not mean savings: stretching the term can raise total interest.
How is the origination fee handled?
Many personal loans deduct the fee from the money you receive, so you must borrow more to pay off the same debts (balance ÷ (1 − fee)). Some lenders add it to the loan, and some let you pay it upfront. Choose the option that matches your offer.
Why is the effective APR higher than the loan rate?
Because the fee reduces the cash you actually get. The effective APR is the rate at which the money you receive equals the present value of your payments, so it includes the fee and is the fair number to compare against your current APRs.
Does consolidation hurt my credit score?
Applying usually causes a hard inquiry and a new account, which can lower a score slightly for a while. Paying down card balances can lower your credit utilization, which often helps. Avoid running the cards back up after consolidating.
What if my current payments are only minimums?
Then the current payoff time can be very long and the interest very high, and consolidation often looks favourable. Enter the payments you really make each month for an honest comparison.
Is interest calculated exactly?
Interest is calculated monthly at APR ÷ 12 for each debt and for the new loan. Credit cards that compound daily may cost slightly more than shown.
Is my information uploaded?
No. The calculation runs entirely in your browser.
Are all the tools on FreeToolCabin tested for quality and accuracy?
Yes! Every tool on our site undergoes automated Q/A testing in real browser environments to ensure high precision, correct output, and zero errors. If you happen to spot a bug or have a suggestion, please contact us at [email protected] and our team will review it right away.
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