Debt Consolidation Calculator
Calculate if debt consolidation saves money. Compare current debt payments with a consolidated loan to see monthly savings and total cost.
New Monthly Payment
$556.11
Monthly Savings
$43.89
Total Savings
$33,633.33
Inputs
years
Comparison
Current Total Cost
$67,000
Consolidation Total Cost
$33,366.67
Interest Savings
$33,633.33
How to Use This Calculator
- Enter values in both columns to compare scenarios side by side. This layout lets you see how changing one variable affects the outcome relative to another scenario.
- Total Debt Amount — Sum of all debts to consolidate default: 25,000.
- Current Monthly Payment — Total monthly payment across all debts default: 600.
- Current Average Interest Rate — Weighted average interest rate of current debts default: 18.
- Consolidation Loan Rate — Interest rate of consolidation loan default: 12.
- Consolidation Loan Term — Term of consolidation loan default: 5 years.
- Once all inputs are set, review your results in the Results panel. Here's what each output means:
- New Monthly Payment — shown as a dollar amount. This is the primary result of this calculator.
- Monthly Savings — shown as a dollar amount. This is the primary result of this calculator.
- Total Savings — shown as a dollar amount. This is the primary result of this calculator.
- Current Total Cost — shown as a dollar amount.
- Consolidation Total Cost — shown as a dollar amount.
- Interest Savings — shown as a dollar amount.
- Explore the related calculators below if you need deeper analysis or want to approach this topic from a different angle.
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Formula
Monthly Payment = P × [r(1+r)^n] / [(1+r)^n - 1]Related Calculators
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