Calculator
Debt consolidation calculator
Compare what your debts cost now with rolling them into one loan, including the new payment and total interest.
Consolidating saves you
$571
- Combined balance
- $10,000
- New monthly payment
- $253.63
- Current monthly payments
- $350.00
- Debt-free (now vs loan)
- 3 yrs 5 mo vs 4 yrs
Your monthly payment drops by $96.37.
How this calculator works
Your current debts are paid off at the monthly payments you enter, with interest charged each month, to find their total interest and payoff time. The consolidation loan is a fixed-payment loan for the combined balance at the rate and term you choose.
Fees you enter are added to the consolidation cost. Early repayment charges on your current debts aren’t included, so check those with each lender.
Questions people ask
How does debt consolidation work?
You take one new loan, usually a personal loan or line of credit, and use it to pay off several debts such as credit cards. You then make one payment, ideally at a lower rate.
Does consolidating always save money?
No. It saves money when the new rate is lower and the term isn’t much longer. A longer term can lower your monthly payment while raising the total interest, so compare both numbers.
Will consolidating hurt my credit score?
Applying for a new loan adds a hard inquiry, which can lower your score slightly for a while. Paying off card balances lowers your credit use, which often helps over time if you don’t run the cards back up.
What fees should I watch for?
Origination or administration fees on the new loan, and any early repayment charges on the debts you’re paying off. Enter known fees so they’re counted in the comparison.
Estimates only, not a quote or approval. Your lender’s contract, fees and approval decide the real cost. WalletReturn is independent. FCAC: Personal loans ↗FCAC: Lines of credit ↗FCAC: Your rights with personal loans ↗