Debt consolidation calculator
Enter your current debts and a sample consolidation loan to compare monthly payments, payoff dates, interest and fees side by side.
Your Debts
| Debt name | Balance | APR | Min. payment | Remove |
|---|---|---|---|---|
$ | % | $ | ||
$ | % | $ | ||
$ | % | $ |
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Consolidation loan
Loan amount (total of current balances): $11,000.00
Current plan
Monthly payment: $335.00
Payoff: 55 months (May 2031)
Total interest: $7,248.55
Consolidation loan
Loan amount: $11,000.00
Monthly payment: $365.30
Payoff: 36 months (Oct 2029)
Total interest: $2,151.02
Origination fee: $550.00
Consolidation saves $4,547.53
Assumes a fixed rate for the whole term. Teaser rates can rise later.
What to know before you consolidate
Many of the low interest rates for debt consolidation loans may be “teaser rates” that only last for a certain time, according to the CFPB.
Although your monthly payment might be lower, it may be because you’re paying over a longer time. This could mean that you will pay a lot more overall, including fees or costs for the loan, the CFPB explains.
Many companies that advertise consolidation services may actually be debt settlement companies, which often charge up-front fees, the CFPB warns on the same page.
FAQ
Does a debt consolidation loan save money?
It depends on the loan APR, term and fees. A lower monthly payment can still mean you pay more overall if the term is longer or fees are high. The CFPB notes that although your monthly payment might be lower, it may be because you are paying over a longer time, which could mean you will pay a lot more overall, including fees or costs for the loan.
What fees come with a consolidation loan?
This calculator includes an origination fee percentage on the loan amount. Balance transfers usually charge a fee that is a certain percentage of the amount you transfer or a fixed amount, whichever is more, according to the CFPB.
Is consolidation better than snowball or avalanche?
Consolidation replaces several payments with one loan; snowball and avalanche are strategies for paying multiple debts in a chosen order. Compare total cost here, then see how snowball and avalanche behave on those calculators. Our debt management plan vs consolidation loan post walks through fees on each path.