Debt Consolidation Calculator
Calculate if consolidating your debts will save you money and help you become debt-free faster.
Debt Consolidation Analysis
Your Current Debts
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Total Debt: $0
Consolidation Loan Details
$
Auto-calculated from debt balances
months
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Optional fee charged by lender
Consolidation Results
New Monthly Payment
$0
Total Savings
$0
Time Saved
0 months
Recommendation
Quick Comparison
Current total payment:
$0
Consolidation payment:
$0
Difference:
$0
Interest Comparison
Chart will appear after calculation
Understanding Debt Consolidation
What is Debt Consolidation?
Debt consolidation combines multiple debts into a single loan, potentially offering lower interest rates, simplified payments, and faster debt elimination.
Benefits of Consolidation
- Lower monthly payments with better interest rates
- Simplified debt management with one payment
- Potential to save thousands in interest
- Fixed payment schedule and payoff date
When to Consider Consolidation
- You have multiple high-interest debts
- You qualify for a lower interest rate
- You want to simplify your finances
- You have steady income to make payments
Consolidation Options
Personal Loan
Fixed rate, fixed term, predictable payments
Balance Transfer Card
0% intro APR, but variable rate later
Home Equity Loan
Lower rates, but home is collateral
Important Considerations
- Don't accumulate new debt after consolidating
- Factor in origination fees and closing costs
- Ensure you qualify for better terms
- Create a budget to avoid future debt