Debt calculator

Debt Consolidation Calculator

Compare your current debt payment against a possible consolidation loan. See the estimated new payment, payoff timeline, fees, and whether the lower payment is actually cheaper.

Key takeaway: A lower monthly payment is not automatically a better deal. If the new loan term is much longer, you may pay more total interest over time.
Estimated new payment
$267

$183 lower per month

Estimated savings
$249

Positive means consolidation is cheaper overall.

Current payoff time
37 months
Consolidation cost
$16,376

Includes estimated origination fee.

View loan payoff scheduleSecondary detail: compare the new consolidation loan schedule and your current payoff estimate.Show

New consolidation loan

MonthPaymentPrincipalInterestBalance
1$266.93$146.93$120.00$11,853.07
2$266.93$148.40$118.53$11,704.67
3$266.93$149.88$117.05$11,554.79
4$266.93$151.38$115.55$11,403.41
5$266.93$152.90$114.03$11,250.51
6$266.93$154.42$112.51$11,096.09
7$266.93$155.97$110.96$10,940.12
8$266.93$157.53$109.40$10,782.59
9$266.93$159.10$107.83$10,623.49
10$266.93$160.70$106.23$10,462.79
11$266.93$162.30$104.63$10,300.49
12$266.93$163.93$103.00$10,136.56
… middle months hidden for readability …
60$267.19$264.54$2.65$0.00

Current payoff estimate

MonthStarting balanceInterestPaymentEnding balance
1$12,000.00$220.00$450.00$11,770.00
2$11,770.00$215.78$450.00$11,535.78
3$11,535.78$211.49$450.00$11,297.27
4$11,297.27$207.12$450.00$11,054.39
5$11,054.39$202.66$450.00$10,807.05
6$10,807.05$198.13$450.00$10,555.18
7$10,555.18$193.51$450.00$10,298.69
8$10,298.69$188.81$450.00$10,037.50
9$10,037.50$184.02$450.00$9,771.52
10$9,771.52$179.14$450.00$9,500.66
11$9,500.66$174.18$450.00$9,224.84
12$9,224.84$169.12$450.00$8,943.96
… middle months hidden for readability …
37$417.21$7.65$424.86$0.00

How this estimate works

  • The current payoff estimate simulates monthly interest and payments until the balance reaches zero.
  • The consolidation payment uses the standard amortization formula with APR, term, and principal.
  • Origination fees are added to total cost so the comparison includes both interest and fees.
  • Warnings appear when the payment does not cover interest or when lower monthly payment may hide higher total cost.
These results are estimates for educational purposes only. They are not financial, legal, tax, or credit counseling advice. Actual payoff dates, interest charges, fees, and payment requirements may vary.

Common questions

Is debt consolidation always cheaper?

No. Consolidation can lower the payment but still cost more if the repayment term is longer or fees are high.

What APR should I compare?

Compare the full loan APR and any origination fee against your current average APR and current payoff plan.

Should I consolidate credit cards with a personal loan?

It may help if the APR is meaningfully lower and you avoid adding new credit card debt afterward.