Debt Consolidation Calculator - Combine & Save Debt Consolidation
Compare multiple debts against a single consolidation loan and see your potential savings.
Your Current Debts
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Consolidation Loan
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Consolidation Summary
Total Debt -
Current Monthly Payment -
New Monthly Payment -
Current Total Interest -
Consolidated Total Interest -
Interest Savings -
Monthly Savings -
Weighted Avg. Rate (Current) -
Consolidated Loan Schedule
| Month | Opening Balance | Payment | Principal | Interest | Closing Balance |
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What is Debt Consolidation?
Debt consolidation combines multiple debts — such as credit cards, medical bills, or personal loans — into a single loan with one fixed monthly payment. The goal is to secure a lower overall interest rate, reduce monthly payments, and simplify your finances.
Benefits of Debt Consolidation
- Lower interest rate: Replace high-rate debts with a single lower-rate loan.
- Simplified payments: One monthly payment instead of tracking multiple due dates.
- Fixed payoff date: A defined loan term means you know exactly when you'll be debt-free.
- Potential credit score boost: Reducing utilization and making consistent payments helps your score over time.
How It Works
The calculator compares two scenarios:
- Current debts: Each debt is amortized separately at its own interest rate and minimum payment. Total interest and timeline are calculated individually then summed.
- Consolidated loan: All balances are combined and a standard amortization formula is applied:
EMI = P × r × (1 + r)n / ((1 + r)n − 1)
Where P = total debt, r = monthly rate, n = total months.
How to Use This Calculator
- Enter each of your current debts with their balance, interest rate, and minimum monthly payment.
- Use "Add Debt" to include more debts, or "Remove Last" to remove one.
- Set the consolidation loan's interest rate and term.
- Click "Compare Debts" to see side-by-side savings.
- Review the chart, savings summary, and monthly breakdown schedule.