Debt Consolidation Calculator
See if consolidating multiple debts into one payment would save you money and simplify your life.
Current Debts
Consolidation Options
Consolidation Summary
Total Debt
$8,000
Combined balance
Monthly Payment
$265.14
Fixed payment amount
Interest Savings
$1,522.32
Estimated savings vs. current rates
Time Saved
18 months
Pay off debt faster
Debt Payoff Progress
Chart shows remaining balance over time based on your consolidation terms
Consolidation Details
| Current Total | New Rate | Term | Total Cost |
|---|---|---|---|
| $8,000 | 12.00% | 36 months | $9,545.04 |
How It Works
Debt consolidation combines multiple debts (credit cards, loans, etc.) into one single loan. Instead of juggling 5 different payments at different interest rates, you make one monthly payment, ideally at a lower rate. This can save you money on interest and simplify your finances.
Example: You have $20k spread across 3 credit cards at 18-24% interest. Consolidate it into one personal loan at 12%, and you could save $150-200/month and $3k-5k in total interest.
Your options: Personal loan (fixed rate, no collateral), balance transfer card (0% intro APR for 12-18 months, but 3-5% fee), or home equity loan (lowest rates but your house is collateral). Best choice depends on your credit score and how fast you can pay it off.
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