Debt Consolidation Calculator

Debt consolidation combines multiple debts into a single loan with one monthly payment. This simplifies your finances and potentially reduces your interest rate, lowering your overall borrowing costs.

Debt consolidation may benefit you if you have multiple high-interest debts, struggle to track payment due dates, or want simpler financial management. Our calculator helps determine if consolidation would save you money based on your specific debt situation.

Most unsecured debts can be consolidated, including credit cards, personal loans, medical debts, and private student loans. Secured debts like mortgages and auto loans typically require specialized programs.

Debt consolidation combines your debts into a new loan that you repay in full. Debt settlement involves negotiating with creditors to accept less than what you owe. Settlement typically has a much more significant negative impact on your credit score than consolidation.

Enter details for each current debt (balance, interest rate, monthly payment) and potential consolidated loan terms (interest rate and term length). The calculator shows a side-by-side comparison of your current situation versus the consolidated option.

The "Remaining Term" is the number of months left until your debt is fully paid off under the current payment schedule. This field is optional—if you don't know it, the calculator will estimate it based on your balance, interest rate, and current monthly payment.

Include any origination fees, balance transfer fees, closing costs, or other charges associated with obtaining the new consolidated loan. These fees are typically added to your loan amount and financed over the loan term.

The Credit Score Impact Estimator analyzes how debt consolidation might affect your credit based on:

• Your current credit score range
• Whether you'll close paid-off accounts
• How many loan applications you plan to submit

It provides separate estimates for short-term and long-term impacts with visual meters showing the potential effect strength.

Several factors can cause a temporary credit score decrease: