Compare your current debts against a single consolidation loan offer — monthly payment, total interest, fees, savings, and fee break-even point. All calculations run in your browser; no data is sent anywhere.
Enter each debt: balance, annual APR, and monthly payment. The calculator amortizes each debt one by one.
| Debt | Months to payoff | Total interest | Final payment |
|---|
One loan that pays off all the debts above. Principal follows the total balance automatically until you change it manually.
Consolidation payment (PMT) uses the standard annuity formula with nominal APR compounded monthly:
If APR is 0%, payment = principal / term.
Amortization of each debt: months to payoff are computed from the fixed monthly payment; the final payment is adjusted (smaller) so total interest = total payments − starting balance:
Fee break-even: months for payment savings to cover upfront fees:
If there is no monthly savings, fees are never recovered through payments (shown as-is).
Debt consolidation combines several debts (e.g. credit cards) into one new loan — one payment, one interest rate, one due date. This calculator compares your current debts’ numbers against a single consolidation offer: monthly payment, total interest, upfront fees, and fee break-even.
With the standard annuity formula: PMT = P × r / (1 − (1+r)^(−n)), where r = APR/1200 and n = term in months. Example: $10,000 principal, 10% APR, 36-month term → $322.67/mo payment; $11,616.19 total payments; $1,616.19 total interest.
Each debt is amortized one by one using its balance, APR, and monthly payment — then summed. Example: $10,000 balance, 18% APR, $200/mo payment → paid off in 94 months with $8,622.36 total interest (final payment only $22.36, smaller than the regular payment).
Not always. A real example from this calculator: $10,000 debt @18% with a $200/mo payment versus $10,000 consolidation @10% over 36 months plus $300 fees. The payment actually RISES $122.67/mo (from $200 to $322.67), but total interest falls from $8,622.36 to $1,616.19 — $7,006.17 interest saved, and $6,706.17 after the $300 fee. Whether that is “better” depends on your cash flow and term, not just total interest.
The number of months for monthly payment savings to cover upfront fees: ceil(fees / monthly savings). Example: $300 fees and $31.29/mo savings → $300 / $31.29 ≈ 9.59 → 10 months. If consolidation does not save on the monthly payment, those fees never come back through payments — the calculator shows them as-is.
The balance will never shrink — that debt will never be paid off at that payment. The calculator flags that debt row with a warning and excludes it from the interest totals so the numbers are not misleading.
Total interest is always smaller with a shorter term, even at the same rate — that is arithmetic, not an advantage of the offer. That is why the Comparison section also shows the monthly payment difference and total outlay (payment × term + fees), not just the interest difference.
Late penalties, loan insurance, taxes, credit card annual fees, variable rate changes mid-way, and post-consolidation behavior (e.g. adding new debt on a paid-off card). All of these can change the results materially.
No. This is an educational estimate based on standard math formulas and your inputs. Borrowing decisions involve credit scores, lender terms, and personal situations not modeled here. Consult a licensed financial advisor before taking a loan.
Blended Rate Calculator (weighted average of several loans’ rates), Debt Payoff Calculator (snowball vs avalanche payoff planner), Mortgage Refinance Break-Even Calculator (mortgage refinancing break-even), and Loan Calculator Personal Loan (personal loan payment). Links are in the related calculators section below.
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