A debt consolidation loan replaces several high-interest debts with one fixed monthly payment. This calculator compares what you’ll pay if you keep your current debts with what a consolidation loan would cost, including the origination fee many lenders charge, so you can see whether consolidating actually saves money.
Debt Consolidation Calculator
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How to read your results
- Total interest + fees is the number that matters most. A lower monthly payment isn’t a win if a longer term makes you pay more overall.
- Origination fee: lenders often subtract it from the loan, so the calculator sizes the loan to still pay off every debt in full.
- Keep paying the same amount: if the new payment is lower, sending your old total to the new loan can clear it much sooner.
Frequently asked questions
When does debt consolidation make sense?
It usually helps when the new APR is clearly below your current average rate, the fee is modest and you won’t run the card balances back up. If your credit is weak, the rate you’re offered may not beat what you pay now.
Is a balance transfer card better?
For smaller balances you can clear during a 0% intro period, a balance transfer card with a 3%–5% fee can be cheaper. A personal loan gives you a fixed payoff date and a fixed rate.
Will consolidating hurt my credit score?
Applying causes a hard inquiry, which can dip your score a few points for a while. Paying off card balances lowers your utilization, which often helps more over time.
Related: Debt Consolidation Loans Guide, Snowball vs. Avalanche Calculator, Best Personal Loans.