Debt Consolidation Calculator
Combine your credit cards and loans into one loan and see whether the new payment, rate and fees actually save you money.
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About the Debt Consolidation Calculator
A debt consolidation loan rolls several debts, usually high-interest credit cards, into one loan with a single payment. It can lower your interest rate and simplify your finances, but fees and a longer term can erase the savings. This calculator compares your current payoff path with a new consolidation loan.
How to use it
- Enter your total debt, its average APR and what you pay each month now.
- Enter the consolidation loan APR, term and origination fee.
- Press Compare consolidation to see the new payment and whether you save money overall.
When consolidation makes sense
- The new APR is clearly lower than the average APR on your debts.
- Fees are small compared with the interest you will save.
- You will stop adding new balances to the cards you pay off.
- You can afford the new monthly payment without stretching the term too far.
Ways to consolidate
| Option | Typical use |
|---|---|
| Personal loan | Fixed rate and term, unsecured |
| 0% balance transfer card | Pay off within the promotional period |
| Home equity loan or HELOC | Lower rates but your home is collateral |
| 401(k) loan | Risky if you leave your job |
Frequently asked questions
Does debt consolidation hurt my credit score?
Applying causes a small temporary dip. Paying off cards can lower your utilization and help your score over time if you avoid new debt.
Is debt consolidation a good idea?
It can be when you get a lower APR and low fees and you change the habits that created the debt. Compare the total cost, not just the monthly payment.
What credit score do I need for a consolidation loan?
Lenders vary. Better scores qualify for lower rates. Many offer loans from fair credit, but at higher rates.
How is this different from debt payoff plans?
Consolidation replaces your debts with one loan. A payoff plan such as snowball or avalanche keeps your debts and pays them in a smart order. Try the debt payoff calculator to compare.
Can I consolidate student loans this way?
Federal student loans have their own consolidation program. Refinancing federal loans privately can remove federal protections.
Last reviewed: November 2026. Estimates only, not financial, tax or legal advice.