Debt & borrowing

Debt Consolidation Savings Calculator

Compare keeping your current debts with a new consolidation loan. See whether a lower monthly payment also lowers your total borrowing cost.

Your current debts

Compare repayment plans

Enter each balance, its interest APR and today's minimum payment (or the higher amount you plan to pay). We keep that dollar payment fixed until that debt is paid off. We do not reduce payments with falling balances or transfer freed payments to another debt.

Up to 20 debts. No account names or numbers are needed.

Proposed consolidation loan

Proposed annual rate (%) What does this rate represent? Proposed term (months) Origination fee type Origination fee (%) Consolidation / comparison start date

For a fee-inclusive APR, we estimate the underlying interest rate using monthly payments and only the origination fee entered here. If your APR includes other charges, use the lender's contractual interest rate instead. The fee is paid separately upfront; the new loan principal equals the total current debt. Financed or withheld fees are not modeled.

Calculations stay in this browser. Inputs are not saved or sent to analytics, advertising or replay systems.

Keep debts versus consolidate

Positive reductions favor consolidation. Negative reductions mean consolidation costs more or requires a higher payment.
Measure	Keep current debts	Consolidate

Current debt payoff estimates

Each payment stays fixed; the final payment may be smaller.
Debt	Starting balance	Total interest	Payments	Debt-free date

Monthly comparison and break-even

Borrowing cost means cumulative interest plus the upfront origination fee, excluding principal. The fee is charged at the start, before month 1. This is a cost comparison, not cumulative payment savings.
Payment date	Current payment	New payment	Current balance	New balance	Current cost	New cost	Cost savings

How this debt consolidation calculator works

Current debts and minimum payments

Each debt accrues monthly interest at its entered APR divided by 12. Interest rounds half-up to cents. The entered monthly payment stays fixed, even if a lender's required minimum would decline. Payments stop when each balance reaches zero; there is no snowball or avalanche rollover. No new purchases, rate changes, promotional periods, late fees or prepayment penalties are included. A payment that does not cover monthly interest cannot produce a finite payoff estimate; we ask you to increase it. The current-debt projection is limited to 1,200 months.

Proposed APR versus interest rate

The new loan equals the sum of your current balances. Its origination fee is paid separately upfront. If you enter an interest rate excluding fees, the monthly payment before rounding is P × r / (1 − (1+r)^(−n)), where P is total debt, r is monthly interest and n is the term. At zero interest it is P / n.

For an APR that includes the origination fee, we first calculate the payment implied by the net amount financed P − fee and monthly APR. We then solve for the interest rate that amortizes the full principal at that payment. This assumes the entered fee is the only finance charge, equal monthly periods and the first payment one month later. It is an estimate, not a regulatory APR calculation. An APR too low to cover the fee with nonnegative interest is rejected.

The estimated interest rate is rounded to six decimal places. Monthly interest rounds half-up to cents. The regular new payment rounds up to cents, with at least one cent of principal in the first payment; the last payment settles the balance. Tiny balances may finish early. Your lender's dates, daily accrual and rounding may produce different results.

Payment relief, total savings and break-even

The monthly reduction compares actual first payments; current payments decline as individual debts finish. Total interest reduction excludes the new fee. Lifetime cost savings subtract both new interest and the origination fee from current interest. Total cash paid includes all principal, interest and the new upfront fee.

Lasting break-even is the first monthly point at which cumulative interest savings cover the origination fee and never fall below it again through both payoff dates. A temporary crossover that later disappears does not qualify. With no fee, break-even can be at the start if consolidation never costs more. If lifetime savings are negative, there is no lasting break-even. No discounting or investment return on payment differences is assumed.

Payment dates use the start-date anniversary, beginning one month later. Months without that day use their last day. Estimates do not account for weekends or holidays.

The CFPB's debt consolidation guidance explains that a longer repayment period can lower monthly payments while increasing total cost. These estimates help compare terms; they do not determine whether you qualify for a loan.