Why Use This Debt Consolidation Calculator
Consolidating debt can simplify your finances and save you money. This debt consolidation calculator helps you:
- 💰 Compare Payments — see the difference in monthly payments.
- 📊 Calculate Interest Savings — see how much you can save.
- ⏱️ Compare Payoff Timelines — see how long each option takes.
- 📈 Visualize Your Options — see the comparison charts.
- 📜 Track Your History — save, review, and export past calculations.
- 🔒 100% Private — all calculations run locally.
How Debt Consolidation Is Calculated
Current Payoff: Simulates your current debt payoff with your current payment and average rate.
New Loan Payment: Calculates the monthly payment on the consolidation loan using the new rate and term.
Monthly Savings = Current Monthly Payment − New Monthly Payment
Total Interest Saved = Current Total Interest − New Total Interest
How to Use This Debt Consolidation Calculator
- Select your account currency from the picker in the site header.
- Enter your total debt balance.
- Enter your current average interest rate.
- Enter your current monthly payment.
- Enter the new consolidation loan rate.
- Enter the new loan term in years.
- Enter any origination fee (if applicable).
- View your results instantly — see your monthly savings and total interest saved.
Frequently Asked Questions
What is debt consolidation?
Debt consolidation combines multiple debts into a single loan, ideally with a lower interest rate, making it easier to manage and potentially saving you money.
How much can I save by consolidating?
Savings depend on the new interest rate and loan term. This calculator shows you the exact difference.
What is the difference between current and new payoff time?
Current payoff time is based on your current payment. New payoff time is based on the consolidation loan term.
Is my data stored anywhere?
No. All calculations run locally in your browser. History and presets are saved in your browser’s localStorage — nothing is sent to a server.