Debt Consolidation Calculator

Find Out How Quickly You Can Pay Your Debt With Our Consolidation Calculator.

This debt consolidation calculator compares the cost of all your current debts with consolidating them into one new loan to figure out how much you can save.

Simply enter all of the debts that will be consolidated, along with their total payment amounts. Once you have all your debts entered then click the “Calculate” button will populate your results.


Debt Settlement Savings


Credit Card


Personal Loan


Home Equity


Based on the information provided

Your Total Debt is

Debt Free in
Debt Not Covered
by Monthly Payment
Interest Monthly
Debt Covered /
Current Debt Situation $0 N/A $10,000 $0 $1,100 $30,000
Debt Settlement $3,750 N/A $5,000 $0 $365 $25,000
Credit Card to 0% APR $3,502 N/A $10,000 $0 $1,100 $15,000
All Debt to Personal Loan $2,867 60 - $0 $539 $30,000
Home Equity Loan $1,242 60 - $0 $566 $30,000

What is a debt consolidation calculator?

If you're thinking about consolidating your debts but are unsure of how much you would save in the process, a debt consolidation calculator can help determine which option is best for you.

By plugging in the amounts you owe, as well as your credit rating, the state in which you live and whether you rent or own property, you'll be able to instantly see your savings in three different scenarios. The calculator compares the savings of using a balance transfer, a personal loan, or a home equity loan to consolidate your debt, versus your current situation.

How to use this calculator

Follow these steps to get started:

  1. Enter the balance owed on your credit card, personal loan, and other debts.
  2. Choose the credit rating range that applies best to you.
  3. Indicate whether you rent or own, and select your state of residence.
  4. Click on Calculate.

You may also click on the arrow next to the Advanced Options feature to enter, if known, the applicable values for each of the three debt relief options indicated. These amounts include the debt settlement rates and fees; the monthly payment amount and APR for your credit card; the monthly payment, APR and term of your personal loan; and the duration and interest rate of a home equity loan.

Once you enter this information, the calculator will reveal the following amounts:

Total savings: This is the amount of money you will save, over the life of the loan, by choosing one of the three debt relief options indicated.

Debt free in months: This numerical value is the number of months it will take for you to pay off your debt in full.

Debt not covered by monthly payment: This is the principal amount of your loan that will not be included in your monthly payment.

Interest: The total amount of interest you will pay, depending on the debt relief option you choose.

Monthly payment: The amount you will pay towards your debt every month

Debt covered/principal: The amount you will pay towards the actual debt itself, not including interest

FAQs: Debt Consolidation Calculator

Debt consolidation simplifies your finances by amalgamating all your various types of high-interest debts into one single monthly payment and one single rate of interest. By lowering the cost of credit, this debt relief option allows you to save money over the life of your loans, reduce your monthly payments and interest rates and, hopefully, pay off your debt faster.

A common way to consolidate your debt is by taking out a personal loan. Because it's unsecured and doesn't involve having to put down a guarantee like your home or vehicle, it's a less risky option. However, it is also much harder to get without an excellent credit score, and can also be accompanied by higher interest rates.

Another option is to use a balance transfer credit card to give you a break from the amount you pay in interest each month. This product allows you to transfer your debt from a revolving high-interest credit card to one with a much lower rate or no interest at all for a brief period of time. If you shop around, you might even be able to find a card with no balance transfer fees. The key is to pay off your debt before the promotional rate expires.

A home equity loan is a more risky debt consolidation option. It is secured loan that uses your house as collateral in case you are unable to pay the funds back. If you take out a home equity loan, you will be advanced the total amount of the loan you need to immediately pay off all your other bills and balances. However, if you fall behind on payments, you could lose your home.

  • It could decrease your monthly payments: A low-interest loan spread out over a longer period of time requires lower payments, which can free up additional income every month.
  • It can simplify your finances: Only having to pay one bill instead of several can help you simplify your financial planning and avoid lowering your credit score by forgetting to make a payment.
  • It can keep your credit score intact: Because you’re still paying off what you owe, your credit score will not be damaged by the process of debt consolidation.
  • It could increase the total amount of interest you’ll pay by increasing the length of time of the loan: While lower interest rates can be one of the perks of consolidating your debt, they’re usually not the only reason behind reducing your monthly payments. A longer term for your loan could mean more time spent paying it off and ultimately more money spent on interest.
  • You could lose your home, vehicle or good credit score if you default on your loan: Whether you take on a secured or unsecured loan to consolidate your debt, tangible assets could be at stake if you end up unable to pay it off.
  • It can be a temporary, Band-Aid solution for a much bigger problem: If you can’t control your spending and this bad habit is what led you to need debt consolidation in the first place, you could find yourself even deeper in the hole.

A high credit score can also go a long way toward getting a good deal on a personal loan. Paying off any outstanding credit balances as much as you can before actually putting in an application can help increase your score. Prepare to show documentation of your income as well as your monthly debts.

To get the best offers for a balance transfer credit card, you should have an excellent FICO score and be ready to discuss any negative items in your credit history with the institution representative.

To get a home equity loan, you need to have a significant amount of value left in your home once the balance of the mortgage is deducted from it, or equity. The amount for which you could be eligible, as well as the interest rate, will be calculated based on the remaining value of your home and your credit score.

Depending on your unique situation, debt consolidation has both pros and cons. If you have a good credit score, you may be eligible for promotional interest rates and other offers on a loan or balance transfer credit card. These offers can help you pay off your debt, simplify your financial dealings and save a significant amount of money at no penalty to your credit score.

However, if you have a low credit score and you’re thinking about consolidating your debt, it’s important to give some thought to your financial habits to ensure you don’t end up worse off, in more debt or even losing your home. It’s important to use the cash responsibly and for what it was intended, and to keep making your payments on time and in full every month.