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Debt Consolidation Calculator

A debt consolidation calculator compares your current debts with a single new loan. It shows the new monthly payment, the total interest on each path, and whether consolidating saves you money.

By the Personalloaned Editorial Team · Last updated 2026-09-16

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Method

How this calculator works

Debt consolidation replaces several debts with one loan. The goal is usually a lower rate, a single payment, or a shorter payoff.

The calculator compares two paths:

  • Current debts: total balance B, average APR, and the total you pay each month. Payoff time is n = -ln(1 - r * B / M) / ln(1 + r).
  • New loan: payment M = P * r * (1 + r)^n / ((1 + r)^n - 1), with total interest M * n - P.

If your current payment does not cover the monthly interest, the current path never pays off and the calculator says so instead of guessing.

Enter your own rates. Consolidation loans are priced on credit history and the lender's terms, so the result is an estimate.

Common questions

Frequently asked questions

Does consolidation always save money?
No. A lower rate helps, but a longer term can raise total interest even when the payment falls. Compare the total interest on both paths before deciding.
What if my current payment does not cover the interest?
Then the current balance never falls and the current path never pays off. The calculator reports that the current path has no payoff time instead of returning a number.
Does a longer consolidation term lower my cost?
It lowers the monthly payment but usually raises the total interest, because you pay interest for more months. A shorter term costs less overall but has a higher payment.
Should I include all my debts?
Add up the balances you want to consolidate and use the average APR across them. Debts with much higher rates will pull the average up.

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