Debt Consolidation Calculator
Compare your current debts with one consolidation loan. Simplified compare.
What is debt consolidation?
Debt consolidation replaces several debts with one loan, usually at a lower rate. Example: $10,000 of debt at 20%, consolidated into one loan at 10% for 3 years with a $200 fee, costs $322.67 per month.
How to use it
Enter the total debt, current rate, new loan rate, new loan years and any origination fee, then tap Compare.
Formula
The new monthly payment uses the loan formula P × r × (1+r)^n ÷ ((1+r)^n − 1), where r is the monthly rate and n is the number of payments. For $10,000 at 10% for 3 years, the payment is $322.67 per month, and the new total cost is $11,816.19.
Frequently Asked Questions
What is the new payment on $10,000 at 10% for 3 years? $322.67 per month.
What is the total cost including the fee? $11,816.19, including the $200 fee.
Is consolidation always cheaper? No, check the total cost, not just the monthly payment, and watch for fees and a longer term.