Debt Consolidation Calculator
Compare your current debts with one consolidation loan. Simplified compare.
What is a debt consolidation calculator?
A debt consolidation calculator compares your current debts with one new consolidation loan at a lower rate. It shows the new monthly payment and the total cost, including any origination fee.
How to use the debt consolidation calculator
Enter your total debt, your current interest rate, the new loan rate, the new loan term in years and the origination fee, then click Compare. The calculator shows the new monthly payment and the new total cost.
Debt consolidation formula
The new monthly payment uses the loan formula M = P × r × (1 + r)ⁿ ÷ ((1 + r)ⁿ − 1). New total cost = monthly payment × number of payments + origination fee.
Example
$10,000 of debt at a current rate of 20%, consolidated into a new loan at 10% over 3 years with a $200 fee, gives a new monthly payment of $322.67 and a new total cost of $11,816.19.
Frequently Asked Questions
What is the new monthly payment on a $10,000 consolidation loan at 10% for 3 years?
The new monthly payment is $322.67. Try it on the calculator above.
What is the total cost of the new loan?
The new total cost is $11,816.19, including the $200.00 origination fee.
Is debt consolidation always cheaper?
Not always. A lower rate can still cost more overall if the new term is much longer or the fees are high, so always compare the total cost.
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