Debt Consolidation Calculator
Calculate if debt consolidation saves money. Compare current debt payments with a consolidated loan to see monthly savings and total cost.
Financial Disclaimer
This calculator is for educational purposes only and does not constitute financial advice. Results are estimates based on the inputs provided. Consult a qualified financial advisor before making investment or financial planning decisions.
New Monthly Payment
$556.11
Monthly Savings
$43.89
Total Savings
$33,633.33
Inputs
Comparison
Current Total Cost
$67,000.00
Consolidation Total Cost
$33,366.67
Interest Savings
$33,633.33
Principal vs Interest: Current vs Consolidated
How to Use This Calculator
- Enter your total debt amount across all accounts.
- Enter your current combined monthly payment.
- Set your current average interest rate across all debts.
- Enter the consolidation loan interest rate you have been offered.
- Set the consolidation loan term in years.
- Compare the new monthly payment, total savings, and interest savings to decide if consolidation makes financial sense.
Formula
Monthly Payment = P × [r(1+r)^n] / [(1+r)^n - 1]Related Calculators
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