This calculator helps you compare your current debts with a potential debt consolidation loan. It estimates the total interest paid and the monthly payments for both scenarios.
Start with your values, or try a preset.
Enter Total Current Debt ($), Average Current Interest Rate (%), Remaining Loan Term (Months), Consolidation Loan Interest Rate (%), and Consolidation Loan Term (Months) in the units shown.
Read Consolidation Monthly Payment ($), Current Monthly Payment ($), Total Interest Paid (Consolidation) ($), Total Interest Paid (Current) ($), and Interest Savings ($) in the results panel. Results update as you change the inputs.
Choose a preset to load an example, then adjust the values for your situation.
See the inputs and their calculated results.
Total Current Debt ($): 20,000 $; Average Current Interest Rate (%): 20 %; Remaining Loan Term (Months): 36 months; Consolidation Loan Interest Rate (%): 12 %; Consolidation Loan Term (Months): 60 months
Consolidation Monthly Payment ($): 444.89 $; Current Monthly Payment ($): 743.27 $; Total Interest Paid (Consolidation) ($): 6,693.4 $; Total Interest Paid (Current) ($): 6,757.72 $; Interest Savings ($): 64.32 $
Total Current Debt ($): 10,000 $; Average Current Interest Rate (%): 15 %; Remaining Loan Term (Months): 36 months; Consolidation Loan Interest Rate (%): 10 %; Consolidation Loan Term (Months): 60 months
Consolidation Monthly Payment ($): 212.47 $; Current Monthly Payment ($): 346.65 $; Total Interest Paid (Consolidation) ($): 2,748.2 $; Total Interest Paid (Current) ($): 2,479.4 $; Interest Savings ($): -268.8 $
Total Current Debt ($): 5,000 $; Average Current Interest Rate (%): 10 %; Remaining Loan Term (Months): 24 months; Consolidation Loan Interest Rate (%): 8 %; Consolidation Loan Term (Months): 36 months
Consolidation Monthly Payment ($): 156.68 $; Current Monthly Payment ($): 230.72 $; Total Interest Paid (Consolidation) ($): 640.48 $; Total Interest Paid (Current) ($): 537.28 $; Interest Savings ($): -103.2 $
Find finance calculators for savings, interest, salary, tax, retirement, unit conversions, and everyday money planning.
Continue with another tool on a related topic.
Calculates the value of airline miles in U.S. dollars, helping travelers decide whether to use miles or pay with cash.
Convert between millions and billions easily.
This calculator compares the purchasing power parity of money between two countries. It determines the relative cost of goods and services in each country, allowing you to assess the real exchange rate and compare standards of living.
Calculates the relationship between the output gap and cyclical unemployment based on Okun's Law.
Treat this output as a planning estimate and confirm rates, tax rules, and contract terms before making financial decisions.