Debt Consolidation Calculator

Enter your current debts below, then set a consolidation loan rate and term to see how much you could save by combining everything into one payment.

How Debt Consolidation Works

Debt consolidation involves taking out a single personal loan to pay off multiple existing debts, such as credit cards, medical bills, or other loans. Instead of managing multiple payments with different due dates and interest rates, you make one fixed monthly payment on the consolidation loan.

Consolidation can save you money if the interest rate on the personal loan is lower than the weighted average rate of your current debts. It can also simplify your finances by reducing the number of monthly payments you need to track. However, if you extend the repayment term significantly, you may end up paying more total interest even with a lower rate.