Debt Consolidation Calculator
Compare your current debt payments to a consolidation loan. See how your monthly payment, total interest, and payoff timeline change before you commit.
Current debts
Debt 1
Debt 2
Debt 3
Consolidation loan
Results comparison
Before consolidation
$430 / month
Total interest: $6,040.00
Payoff timeline: 54 months
After consolidation
$385 / month
Total interest: $3,999.68
Payoff timeline: 48 months
Stay on pace with DebtClear
Track your balances and see your payoff date update in real time. The DebtClear app keeps all your debts in one place so you can stick with the plan.
Download DebtClear Free ->How this calculator works
The calculator compares your current minimum payments against a single consolidation loan. We estimate payoff time and interest for each debt using standard amortization math, then compare it to the new loan payment based on the term you select.
Consolidation can help if the new rate is lower than your weighted average rate or if it shortens your payoff timeline. If the new rate is higher, you may pay more in interest even with one convenient payment.
Frequently Asked Questions
Is debt consolidation a good idea?
It can be if the new rate is lower than your weighted average rate and the term is reasonable. Lower rates and shorter terms reduce total interest paid.
Will consolidation lower my monthly payment?
It depends on your term. Longer terms can lower payments but may increase total interest. Compare both monthly payment and total interest before deciding.
Does consolidation hurt my credit score?
Opening a new loan can cause a small, temporary dip due to a credit inquiry. Over time, on-time payments and reduced utilization can help your score.
What debts can be consolidated?
Most unsecured debts like credit cards, personal loans, and medical bills are common candidates. Secured loans like auto loans may not qualify.
Track Your Payoff in the Free App
Use the DebtClear app to log payments, track your real balance, and get monthly reminders. Compare your consolidation loan with every debt it replaces in one payoff plan.
DebtClear App
Track your payoff plan in the DebtClear app
Free to download — iOS & Android