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Debt consolidationcalculator
Compare a consolidation loan against your current DIY payoff path, then see whether the fee, monthly payment, and payoff date actually improve.
Compare your current payments with one consolidation loan, including fees, rate, and term, before you decide if it helps.
The useful test is simple: does the new loan lower the monthly strain without pushing the total cost up?
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Add your debts and run the comparison.
Understanding debt consolidation
What is debt consolidation?
Debt consolidation rolls multiple debts into a single loan or balance transfer, ideally at a lower interest rate. Instead of juggling several minimum payments, you make one payment each month — often with a clear end date.
When consolidation helps
Consolidation works best when you can secure a lower overall interest rate, simplify your finances, or both. It is not a magic fix — you still need to pay off the consolidated amount. The key question is whether the new terms are genuinely better than keeping your existing debts.
- Lower APR: If the consolidated rate is below the weighted average of your current rates, you save money.
- Fixed term: A set repayment period gives you a clearer projected end date, provided the terms and payments stay the same.
- Simplicity: One payment instead of many reduces the chance of missed payments.
What this calculator compares
This calculator lets you enter your existing debts and compare them against a consolidated loan. It shows total interest, payoff timeline, and monthly cost for each scenario so you can make an informed decision.