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Debt Consolidation Calculator
Find the new monthly payment when you consolidate debt.
New monthly payment
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Consolidated.
| Total interest | — |
|---|---|
| Total repaid | — |
| Debt | — |
| Term | — |
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Enter your figures above to see the step-by-step working.
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How the Debt Consolidation Calculator Works
Consolidating combines several debts into one loan with a single monthly payment, ideally at a lower rate. This calculator amortizes your total debt at the new rate and term to show the new monthly payment and total interest. $15,000 at 10% over 3 years is about $484 a month.
Compare that payment and total interest against what you pay now across all your debts. A lower rate or shorter term saves interest; a longer term lowers the payment but can cost more overall.
monthly payment = standard amortization of total debt at the new rate
Frequently Asked Questions
How does debt consolidation work?
You roll multiple debts into one loan with a single payment, ideally at a lower interest rate.
Will consolidating save me money?
It can, if the new rate is lower than your current average. Compare the new total interest to what you pay now.
Does a longer term help?
It lowers the monthly payment but usually raises the total interest paid. Balance affordability against total cost.
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