Debt Consolidation Calculator

It replaces several higher-rate debts (often credit cards at 20%+) with one loan at a lower rate. You pay less interest and make a single fixed payment. Enter your total balance, current average APR, and the new loan rate and term to see the savings.

There may be a small short-term dip from the hard inquiry and new account, but paying down revolving balances usually lowers your credit utilization, which helps over time — as long as you do not run the old cards back up.

It depends on credit, but anything meaningfully below your current blended APR helps. Personal-loan consolidation commonly ranges 8–20%. If the new rate is not lower than what you pay now, consolidation mainly helps with simplicity, not cost.

A longer term lowers the monthly payment but can increase total interest even at a lower rate. This calculator compares the same term at both rates so you see the true rate benefit; try different terms to balance monthly cash flow against total cost.

Commonly credit cards, personal loans, medical bills, and store cards. Consolidation options include a personal loan, a balance-transfer card, or a home-equity loan. Secured options (like home equity) often have lower rates but put an asset at risk.