Debt Consolidation Calculator

Compare paying debts separately vs consolidating into one loan.

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Consolidation Analysis

Enter your debts and the consolidation offer details.

Consolidation savings
$0
Monthly payment: $0 vs $0
Total debt
$0
Separate monthly payment
$0
Consolidated monthly payment
$0
Separate total interest
$0
Consolidated total interest
$0
Interest saved
$0

Worked example

With the default inputs shown below, this calculator returns the following results:

InputValue
Debt 1 balance ($)$10,000
Debt 1 APR (%)22%
Debt 2 balance ($)$5,000
Debt 2 APR (%)18%
Debt 3 balance ($)$3,000
Debt 3 APR (%)15%
Consolidation loan APR (%)9%
Consolidation term (months)60
ResultValue
Consolidation savings$6,053
Total debt$18,000
Separate monthly payment$475
Consolidated monthly payment$374
Separate total interest$10,472
Consolidated total interest$4,419

Values shown are produced by this page in your browser; change any input to update them.

How to use the Consolidation Analysis

  1. Debt 1 balance ($) — default $10,000
  2. Debt 1 APR (%) — default 22%
  3. Debt 2 balance ($) — default $5,000
  4. Debt 2 APR (%) — default 18%
  5. Debt 3 balance ($) — default $3,000
  6. Debt 3 APR (%) — default 15%
  7. Consolidation loan APR (%) — default 9%
  8. Consolidation term (months) — default 60
  9. Press Calculate to update the results instantly.

Frequently asked questions

Only if the new rate is lower than your weighted average rate and the term is not much longer. A lower payment over a longer term can cost more overall.
There is usually a small dip from the new credit enquiry, then scores often improve as utilisation falls and payments stay on time.
Balance transfer fees of 3-5% on credit cards, or 1-8% origination fees on personal loans. Do not consolidate including these fees unless the maths still works.

Sources & references