Debt Consolidation Calculator — Compare Loans & Save
Compare your current debt payoff against a single consolidation loan.
One-time fee charged by the lender. Typically 1-5% of the loan amount.
One-time fee for transferring balances. Typically 3-5%.
NET SAVINGS: $5,800.54
After $0.00 in fees, you save $5,800.54
You'll break even in month 1
After this, all savings are profit.
Consolidation may temporarily lower your score 5-15 points. Long-term, lower utilization can improve it. View your credit profile →
- Current
- Consolidated
- Current (area)
- Current
- Consolidated
- Cumulative Net Savings
| Year | Cur. Payment | Cur. Interest | Cur. Balance | Con. Payment | Con. Interest | Con. Balance |
|---|---|---|---|---|---|---|
| Year 1 | $4,800.00 | $2,825.48 | $13,025.48 | $5,978.58 | $1,562.34 | $10,583.77 |
| Year 2 | $4,800.00 | $2,392.29 | $10,617.77 | $5,978.58 | $1,002.25 | $5,607.44 |
| Year 3 | $4,800.00 | $1,864.06 | $7,681.83 | $5,978.58 | $371.13 | $0.00 |
| Year 4 | $4,800.00 | $1,219.94 | $4,101.76 | $0.00 | $0.00 | — |
| Year 5 | $4,536.27 | $434.50 | $0.00 | $0.00 | $0.00 | — |
What debt consolidation does
Debt consolidation combines multiple debts into a single loan with one monthly payment, ideally at a lower interest rate. This simplifies repayment and can save you hundreds or thousands in interest. Learn more →
Types of consolidation
Options include personal loans, balance transfer credit cards, home equity loans, and 401(k) loans. Each has different rates, terms, and risks — the right choice depends on your credit score and debt type. Learn more →
When consolidation helps vs hurts
Consolidation helps when you get a lower rate and commit to not re-accumulating debt. It hurts if you extend the term too long, pay high fees, or run the cards back up after transferring balances. Learn more →
The behavior trap
Studies show many consolidators rack up new debt within 18 months because their cards are paid off but still open. Cut up the cards or close the accounts to avoid falling back into debt. Learn more →
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