Free Debt Consolidation Calculator - Should You Consolidate?
Compare your current debts to a consolidation loan. See if consolidating will save you money and help you get debt-free faster.
Quick Answer
Debt consolidation combines multiple debts into one loan, potentially at a lower rate. Use our calculator to compare total interest and payoff time. Consolidation makes sense when the new rate is lower and you won't accumulate new debt.
Key Facts about Debt Consolidation Calculator:
- Consolidation combines multiple debts into one payment
- Personal loan consolidation rates: 6-36% depending on credit
- Balance transfer cards offer 0% APR intro periods (12-21 months)
- Home equity loans offer low rates but risk your home
- Consolidation doesn't reduce debt - it restructures it
- Watch for origination fees and balance transfer fees
Why Use Our Debt Consolidation Calculator?
Consolidation analysis:
Side-by-Side Comparison
Compare current debts to consolidation.
Savings Calculator
See potential interest savings.
Payoff Timeline
Compare payoff dates.
Multiple Scenarios
Test different consolidation options.
Instant Results
Get analysis immediately.
Private
Your data stays secure.
How to Debt Consolidation Calculator in 3 Easy Steps
Analyze consolidation:
Enter Current Debts
Input balances, rates, and payments.
Add Consolidation Terms
Enter potential loan rate and term.
Compare Results
See which option saves more.
Why Use Our Calculator?
Compare options objectively
See total savings
Make informed decisions
Simplify finances
Common Use Cases for Debt Consolidation Calculator
Perfect for:
Frequently Asked Questions
Everything you need to know about our debt consolidation calculator
Is debt consolidation a good idea?
Yes if you get lower rate and avoid new debt - use calculator to verify savings.
It can be if you get a lower rate and won't accumulate new debt. Our calculator shows if you'll save money. Consolidation alone doesn't reduce debt - it restructures it.
What credit score for consolidation loan?
700+ for best rates; 650+ can still qualify at higher rates.
Best rates require 700+ credit. Fair credit (650-699) still qualifies but at higher rates. Compare offers to ensure consolidation actually saves money.
Balance transfer vs personal loan?
Balance transfer for quick payoff; personal loan for fixed long-term rate.
Balance transfer offers 0% APR but for limited time (12-21 months). Personal loans have fixed rates for the full term. Choose based on how quickly you can pay off.
Still have questions? Try the tool yourself!
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