Debt Consolidation Calculator
Current debts vs one consolidation loan.
Your current debts
Your result
—
Enter your numbers to see the result.
This debt consolidation calculator compares two paths: keep paying your current debts as you are, or roll them into one consolidation loan. List each balance, APR and monthly payment, then enter the new loan’s rate, term and origination fee. It shows the new monthly payment, total interest and fees on both paths, and when you would be debt-free.
What is a Debt Consolidation Calculator?
Debt consolidation means taking one new loan, usually a personal loan, to pay off several debts such as credit cards. You then make a single monthly payment, ideally at a lower interest rate and with a fixed payoff date.
Consolidation saves money only if the new rate, after fees, is low enough and you do not run the cards back up. Origination fees of 1% to 10% are often taken from the loan, so you may need to borrow more than you owe. This debt consolidation calculator includes the fee and compares the total cost of both paths.
How does the Debt Consolidation Calculator work?
For your current debts, the calculator runs each balance month by month at its APR and payment until it is paid off, adding up interest. For the consolidation loan, it grosses up the total so the money left after the fee covers your debts, then uses the loan payment formula for the new APR and term.
How to use the Debt Consolidation Calculator step by step
- List each debt with its balance, APR and monthly payment.
- Enter the consolidation loan’s APR.
- Enter the term in months.
- Enter the origination fee.
- Compare monthly payment, total cost and payoff time.
- Try a shorter term to see the interest drop.
Debt Consolidation Calculator example with real numbers
Anna owes $18,500 across two cards and a personal loan, paying $620 a month. A lender offers a 36-month consolidation loan at 11.99% with a 5% origination fee.
| Example input | Value |
|---|---|
| Current debts | Visa $8,000 at 24.99%, store card $4,500 at 21.99%, personal loan $6,000 at 15% |
| Current payments | $620 a month |
| Consolidation loan | 11.99% APR for 36 months, 5% origination fee |
| Example output | Value |
|---|---|
| You save with consolidation | $4,009 |
| Total debt | $18,500 |
| Loan needed (to cover the fee) | $19,474 |
| Origination fee | $974 |
| Current path: interest | $8,791 over 4 years 6 months |
| Consolidation: interest + fee | $4,782 over 3 years |
| Monthly payment change | +$27 |
The debt consolidation calculator shows a monthly payment change of +$27 (New payment $647 a month vs $620 now). The debts are cleared in 3 years instead of 4½, and the total saving after the fee is $4,009.
Key features of this Debt Consolidation Calculator
- Up to 20 debts
- Origination fee included
- Total cost on both paths
- Monthly payment change
- Payoff time comparison
Who should use the Debt Consolidation Calculator?
Who is this Debt Consolidation Calculator for?
- People with several credit cards
- Borrowers comparing personal loan offers
- Couples combining debts
- Credit counselors
Practical use cases
- Checking if a consolidation loan is worth it
- Comparing loan terms
- Seeing the cost of a high fee
- Planning a debt-free date
Key benefits
- Honest: fees counted.
- Complete: both paths side by side.
- Flexible: any number of debts.
- Private: runs in your browser.
Tips for better results
- Compare the APR, not just the interest rate.
- Choose the shortest term you can afford.
- Close or freeze the cards you paid off only if it will not hurt your credit utilization badly; at least stop using them.
- Consider a 0% balance transfer if you can repay within the promo period.
Common mistakes to avoid
- Focusing only on a lower monthly payment.
- Stretching the term so total interest rises.
- Ignoring the origination fee.
- Running the cards back up.
Limitations of this Debt Consolidation Calculator
- Current debts are assumed to keep the same payments.
- Minimum payments that fall over time are not modelled.
- Approval and rate depend on your credit.
Debt Consolidation Calculator vs other ways to calculate
| Option | Best when |
|---|---|
| Consolidation loan | Rate clearly below your card APRs |
| Balance transfer card | You can repay in the 0% period |
| Debt snowball or avalanche | You prefer no new loan |
| Credit counseling plan | You need lower rates through a nonprofit |
To plan payoff without a new loan, use the debt snowball calculator. For one card, try the credit card payoff calculator.
Privacy and data handling
This Debt Consolidation Calculator runs entirely in your browser. The numbers you type are not sent to Qorico or stored on any server, and nothing is saved after you close the page. The Copy and Download buttons create the result on your own device. If the page has analytics turned on, it may count that a calculation happened, but it does not record the values you entered.
Debt Consolidation Calculator FAQs
Is debt consolidation a good idea?
It can be if the new APR including fees is lower than your current rates and you stop adding debt.
Does debt consolidation hurt your credit?
A new application causes a small, temporary dip; paying down cards can then improve utilization.
What is an origination fee?
An upfront charge, often 1% to 10% of the loan, usually deducted from the money you receive.
How much can I save by consolidating?
Enter your debts and the loan offer above; the calculator shows the savings or extra cost.
Consolidation loan or balance transfer?
A balance transfer can be cheaper if you can repay within the 0% period; a loan gives a fixed payoff date.
Can I consolidate student loans this way?
Federal student loans have their own consolidation program; using a private loan may lose federal benefits.
Related tools
Sources and references
We checked the method and the current figures used in this Debt Consolidation Calculator against these official and primary sources:
- CFPB: Debt collection
- CFPB: Credit cards
- Consumer Financial Protection Bureau
- Federal Trade Commission: Consumer advice
Written and reviewed by the Qorico Team
