Debt Consolidation Calculator
See if consolidating your debts will save you money
Loan Details
Typical: 6% - 18%
Loan Summary
Loan Details
Financial Disclaimer
This calculator provides estimates for informational purposes only. Actual loan terms, rates, and payments may vary. This is not financial advice. Consult with a qualified financial advisor or lender for specific guidance. PayoffCalculator.io is not a lender and does not provide loans.
How to Use This Debt Consolidation Calculator
Enter your current debts with their balances, interest rates, and minimum payments. Then enter the consolidation loan rate and term. The calculator compares your current situation to consolidation.
Understanding Debt Consolidation Loans
Debt consolidation combines multiple debts into a single loan, ideally at a lower rate. Benefits include simplified payments and potential interest savings. Risks include extending repayment time and temptation to accumulate new debt.
Tips for Getting the Best Debt Consolidation Rate
Only consolidate if you get a meaningfully lower rate. Create a budget to avoid new debt. Consider cutting up credit cards or lowering limits after consolidating to prevent backsliding.
Frequently Asked Questions
Debt consolidation makes sense when you can get a significantly lower interest rate, simplify multiple payments into one, and commit to not accumulating new debt.