Debt Consolidation Calculator
Calculate how much you can save by consolidating multiple debts into one loan. Compare interest rates, monthly payments, and payoff timelines.
Step 1: Current Debts
Understanding Your Debt
Debt consolidation combines multiple high-interest debts into one loan with a lower interest rate. This can reduce your monthly payment and help you pay off debt faster.
Step 2: Consolidation Details
About Debt Consolidation
Consolidation loans typically have lower interest rates than credit cards. By consolidating, you can simplify payments and potentially save thousands in interest over time.
Debt Consolidation Results
Estimated Monthly Savings
Debt Consolidation Comparison
| Debt Type | Interest Rate | Monthly Payment | Total Interest | Payoff Time |
|---|
Payment Breakdown Analysis
Savings Calculation Formula
Savings = (Current Interest – New Interest) × Debt Amount × Term
Your potential savings depend on the difference between your current interest rate and the consolidation loan rate, multiplied by your total debt and loan term.
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