Debt Consolidation Calculator

See if rolling your debts into one lower-rate loan saves you money.

You'd save

$6,248

Current monthly payment: $414
New monthly payment: $388
Current total cost: $24,857
New total cost: $18,609

You'd save$6,248

Results are estimates for planning and are not financial advice.

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Quick answer

$15,000 at 22% over 5 years costs ~$24,857 total; at 11% over 4 years it's ~$18,609 — saving ~$6,248.

How it works

Consolidating high-interest debt (like credit cards) into one lower-rate loan can cut both your monthly payment and total interest — as long as the new term isn't stretched too far.

Formula

Compare total cost: monthly payment × number of months, before vs after.

Assumptions & limitations

Results are rounded for display.

Frequently asked questions

Does consolidation hurt my credit?

A new loan causes a small temporary dip, but paying off cards usually helps your score within months.