Debt Consolidation Calculator

Compare a current multi-debt payoff plan against one fixed-rate consolidation loan, showing monthly payment change, total interest difference, total repayment difference, and payoff timing.

Current debts

Enter each balance with its APR and current minimum payment, then compare that plan with one fixed-rate consolidation loan.

Debt 1

Debt 2

Comparison assumptions

Comparison

$224.47 lower

Estimated monthly payment change if $15,500.00 of debt is replaced with one 5-year consolidation loan.

Current debt balance
$15,500.00
Payoff time change
1 yr 10 mo slower

Current plan

$550.00

Monthly outflow from current minimums plus any extra payment.

Total interest: $4,986.02

Total cost: $20,486.02

Payoff: 3 yr 2 mo

Consolidation loan

$325.53

Scheduled payment on the replacement loan before any voluntary overpayments.

Total interest: $4,031.73

Total cost incl. fee: $19,981.73

Payoff: 5 years

Consolidation saves $504.29 This comparison shows a lower all-in repayment cost than staying on the current debt plan.

Interest change: $954.29 lower

Total repayment change: $504.29 lower

Display currency

Switch the comparison currency without changing balances, rates, or payoff maths.

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Debt Planning

Debt consolidation calculator guide: compare one new loan against your current debt payoff plan

A debt consolidation calculator helps you compare your current debt payoff plan with one replacement consolidation loan. This version adds up the balances you enter, treats your current minimum payments plus any extra payment as the baseline payoff plan, and compares that path with one fixed-rate consolidation loan so you can see monthly payment change, payoff timing, total interest, and all-in repayment cost.

What this calculator compares

Debt consolidation can lower the number of accounts you manage and may reduce the monthly payment, but a lower payment does not automatically mean a cheaper debt strategy. The real question is whether one new loan reduces total cost, speeds up payoff, or simply stretches the debt over a longer term.

That is why this calculator compares two paths. The first path uses the debts you enter, their current minimum payments, and any extra monthly payment as the baseline avalanche payoff plan. The second path replaces the combined balance with one fixed-rate consolidation loan and includes any origination fee as part of the all-in cost comparison.

Core consolidation comparison maths

The current-plan side uses the entered balances, APRs, and minimum payments to estimate how the debts would fall over time when the optional extra payment is directed to the highest-rate balance first. The consolidation side uses the standard fixed-rate amortisation formula on the combined balance and entered term.

Once both scenarios are calculated, the comparison becomes straightforward: monthly payment change, payoff time difference, total interest difference, and total repayment difference. Those are the numbers that help you judge whether the lower payment is actually improving the overall outcome.

Combined debt balance = Sum of all entered balances

The consolidation loan amount starts from the total of the valid debts you enter.

Loan payment = P x r / (1 - (1 + r)^(-n))

The replacement loan uses the standard fixed-rate payment formula, where P is combined balance, r is monthly rate, and n is total monthly payments.

All-in consolidation cost = Loan total cost + Origination fee

Origination fee is treated as an extra cost layered on top of the replacement-loan repayment stream.

Worked example: two debts totaling 15,500

Suppose you have a 9,000 credit-card balance at 22.9% with a 270 minimum payment and a 6,500 personal loan at 12.4% with a 205 minimum payment. Add an extra 75 monthly payment and compare that current plan with a 5-year consolidation loan at 9.5% plus a 450 origination fee.

In this calculator, the current plan produces a 550 monthly outflow. The consolidation loan produces an estimated 325.38 scheduled payment, so the monthly payment is lower. That does not automatically make consolidation the better choice, which is why the tool also surfaces payoff timing and total-cost differences before you decide.

What this estimate excludes

This page compares one fixed-rate consolidation loan only. It does not model balance-transfer promotional rates, teaser APR windows, debt settlement, debt-management plans, lender approval odds, credit-score effects, or secured-loan collateral risk.

That narrower scope is deliberate. The result is strongest as a planning comparison for one replacement loan, not as a full debt-relief recommendation engine. If your real option includes fees beyond origination, changing rates, or a different repayment structure, adjust the assumptions before relying on the result.

Further reading

Frequently asked questions

Does a lower consolidation payment always mean consolidation is cheaper?

No. A lower payment can come from a longer term instead of a lower total cost. That is why this calculator compares interest, total repayment, and payoff time as well as the monthly payment.

 Does this calculator include debt settlement or credit counseling plans?

No. This page compares your current debt payoff plan with one fixed-rate consolidation loan only. Debt settlement, credit counseling, and debt-management plans follow different rules and are outside the current scope.

 How is the origination fee treated?

The origination fee is added as an extra cost in the consolidation comparison. It is not treated as financed principal in this version of the calculator.

 Why does the calculator warn when a minimum payment is too low?

If a minimum payment does not cover that debt’s monthly interest charge, the balance will not amortise normally. In that situation, the baseline payoff path is not realistic until the payment is increased.

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