Debt payoff toolkit
This debt consolidation calculator pits your current payoff path against a loan offer: monthly payment change and total interest change, side by side. Honest math before you sign anything.
Estimates only. Not financial advice. This calculator runs entirely in your browser and nothing you type leaves your device.
Consolidation means replacing several debts with one loan, ideally at a lower rate and with a fixed end date. This debt consolidation calculator does not sell you on the idea. It amortizes your current path, amortizes the offered loan, and reports two honest numbers: what happens to your monthly payment, and what happens to your total interest. Both can move in either direction, and you need to see both before signing anything.
The numbers above: $18,000 at 23.99% with $450 a month versus a 12.99% loan over 60 months. Current path: 6 years and 10 months, $18,551.29 in interest. New loan: $409.46 a month, $6,567.79 total interest. Payment drops $40.54 and interest falls $11,983.50. That is consolidation working as advertised. But change the term to 84 months and the payment drops further while total interest climbs back up. Always compare total interest, not just the monthly number. Read the full pros and cons before you decide, and check your debt to income ratio to see how lenders will view the new payment.
Enter what you owe now (balance, average APR, total monthly payment), then the consolidation loan terms (APR and months). It amortizes your current path and the new loan side by side, then reports the payment change and the interest change. Both directions are shown honestly: sometimes the payment drops, sometimes it rises while interest falls.
When the new rate is meaningfully lower and the term is not stretched so long that extra years of interest eat the savings. The calculator shows both numbers, so run the exact offer in front of you: a lower rate over a much longer term can cost more overall, and this debt consolidation calculator will say so plainly.
A hard inquiry dings it slightly at first. Over time, a consolidation loan can help utilization (revolving balances drop) and adds an installment account with on time payments. The danger is behavioral: freed up cards get reused, and then you have the loan plus new balances.
Only if you need the breathing room and you will not run the cards back up. A longer term at a lower rate can still cost more total interest. Compare total interest, not just the monthly payment, which is exactly what the calculator puts front and center.
Effectively, yes: it moves balances to one place at a lower rate for a limited time. Compare it with our balance transfer calculator, which includes the transfer fee and the post intro rate in the math.