Your Current Debts
Enter each debt you want to consolidate
Consolidation Loan Terms
Enter proposed consolidation loan details
Consolidation Recommended
Consolidating at 10% will save you $4,022 in interest and you'll be debt-free 15 months faster. Your payment decreases by $46/month.
Total Cost Comparison
Detailed Comparison
| Current Debts | Consolidated | Difference | |
|---|---|---|---|
| Total Balance | $10,000 | $10,000 | - |
| APR | 22.9% | 10% | -12.9% |
| Monthly Payment | $300 | $254 | -$46 |
| Time to Payoff | 5y 3m | 4y 0m | -15 months |
| Total Interest | $6,196 | $2,174 | -$4,022 |
| Total Cost | $16,196 | $12,174 | -$4,022 |
What if I got a different rate?
See how the consolidation APR affects your savings
Personalized Insights
4 insights based on your inputs
High Current Interest
Your average APR of 22.9% is quite high. Even a modest consolidation rate of 10-12% could save you significant money.
Strong Savings Potential
Consolidating at 10% would save you $4,022 in interest. This is a good opportunity to simplify your payments.
Simplify Your Finances
Managing 3 different payments can be stressful. Consolidation gives you one payment date, one lender, and one interest rate to track.
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Consolidation Saves You
Interest Savings
$4,022
You save this much!
New Payment
$254
4 year term
Frequently Asked Questions
What is debt consolidation?
Debt consolidation combines multiple debts into a single loan, ideally at a lower interest rate. Benefits include one monthly payment, potentially lower rates, and fixed payoff timeline. Options include personal loans, balance transfer cards, home equity loans, and debt management programs.
When should I consolidate debt?
Consolidate when: you qualify for a lower rate than current weighted average, you can pay off within 3-5 years, you won't add new debt, and fees don't outweigh savings. Don't consolidate if underlying spending issues aren't addressed or if it extends repayment significantly.
Does debt consolidation hurt credit?
Short-term: hard inquiry and new account may lower score 5-10 points. Long-term: can improve score by lowering credit utilization and establishing positive payment history. Closing old accounts after consolidation may hurt length of credit history.
What consolidation options exist?
Personal loans (5-12% for good credit), 0% balance transfer cards (3-5% fee, 12-21 months), home equity loans (lower rates, tax deductible), 401k loans (risk retirement savings), and nonprofit debt management plans. Each has different requirements and tradeoffs.
How do I calculate if consolidation makes sense?
Compare total cost: (new payment × months) + fees vs. (current payments × months to payoff). Factor in: origination fees (1-8%), balance transfer fees (3-5%), and prepayment penalties on existing debt. Savings should exceed fees for consolidation to make sense.
How this works
Calculations are run entirely in your browser. No inputs are sent to our servers and no account is required. Formulas follow standard US definitions from the IRS and the CFPB where applicable; international users should confirm local tax and regulatory rules apply.
What this tool can’t do
When to consult a professional
This is a software engineering tool, not financial advice. Run the math here, then take the result to a certified financial planner, CPA, or your bank before making a decision that materially affects your money.
Sources
- [1]Consumer Financial Protection Bureau (CFPB)Official sourceconsumerfinance.govAccessed Apr 21, 2026
US consumer finance regulator; authoritative on mortgage disclosures, APR rules, credit cards.
Full-stack software engineer specializing in embedded systems, web architecture, and AI/ML. Founder of Practical Web Tools. Built the gesture-controlled drone IP acquired by KD Interactive (Aura Drone, sold on Amazon).