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Debt Consolidation Calculator
Debt Consolidation Calculator is a tool to calculate how much you can save by consolidating your existing debts. Compare and learn if you should consolidate your debts to a new loan.
The total interest payments on your existing debts are $5,922.50, and the interest payments on the consolidation loan is $3,640.98.
Therefore, you should consolidate your debt, and save $2,281.51 in interest payments.
Debt Consolidation Comparison |
||
| Original Debts | Consolidation Loan | |
|---|---|---|
Loan Amount: |
$18,000.00 | $18,000.00 |
Monthly Payment: |
$700.00 | $360.68 |
Total # Of Payments: |
45 | 60 |
Start Date: |
May, 2026 | May, 2026 |
Payoff Date: |
Feb, 2030 | Apr, 2031 |
Total Interest Paid: |
$5,922.50 | $3,640.98 |
Total Payment: |
$23,922.50 | $21,640.98 |
Total Savings: |
$0.00 | $2,281.51 |
Consolidation Loan Amortization Schedule |
||||||
| Payment Date | Payment # | Interest Paid | Principal Paid | Total Payment | Remaining Balance | |
|---|---|---|---|---|---|---|
| May, 2026 | 1 | $112.50 | $248.18 | $360.68 | $17,751.82 | |
| Jun, 2026 | 2 | $110.95 | $249.73 | $360.68 | $17,502.08 | |
| Jul, 2026 | 3 | $109.39 | $251.30 | $360.68 | $17,250.79 | |
| Aug, 2026 | 4 | $107.82 | $252.87 | $360.68 | $16,997.92 | |
| Sep, 2026 | 5 | $106.24 | $254.45 | $360.68 | $16,743.48 | |
| Oct, 2026 | 6 | $104.65 | $256.04 | $360.68 | $16,487.44 | |
| Nov, 2026 | 7 | $103.05 | $257.64 | $360.68 | $16,229.80 | |
| Dec, 2026 | 8 | $101.44 | $259.25 | $360.68 | $15,970.56 | |
| Jan, 2027 | 9 | $99.82 | $260.87 | $360.68 | $15,709.69 | |
| Feb, 2027 | 10 | $98.19 | $262.50 | $360.68 | $15,447.19 | |
| Mar, 2027 | 11 | $96.54 | $264.14 | $360.68 | $15,183.05 | |
| Apr, 2027 | 12 | $94.89 | $265.79 | $360.68 | $14,917.26 | |
| May, 2027 | 13 | $93.23 | $267.45 | $360.68 | $14,649.81 | |
| Jun, 2027 | 14 | $91.56 | $269.12 | $360.68 | $14,380.69 | |
| Jul, 2027 | 15 | $89.88 | $270.80 | $360.68 | $14,109.89 | |
| Aug, 2027 | 16 | $88.19 | $272.50 | $360.68 | $13,837.39 | |
| Sep, 2027 | 17 | $86.48 | $274.20 | $360.68 | $13,563.19 | |
| Oct, 2027 | 18 | $84.77 | $275.91 | $360.68 | $13,287.28 | |
| Nov, 2027 | 19 | $83.05 | $277.64 | $360.68 | $13,009.64 | |
| Dec, 2027 | 20 | $81.31 | $279.37 | $360.68 | $12,730.27 | |
| Jan, 2028 | 21 | $79.56 | $281.12 | $360.68 | $12,449.15 | |
| Feb, 2028 | 22 | $77.81 | $282.88 | $360.68 | $12,166.27 | |
| Mar, 2028 | 23 | $76.04 | $284.64 | $360.68 | $11,881.63 | |
| Apr, 2028 | 24 | $74.26 | $286.42 | $360.68 | $11,595.21 | |
| May, 2028 | 25 | $72.47 | $288.21 | $360.68 | $11,307.00 | |
| Jun, 2028 | 26 | $70.67 | $290.01 | $360.68 | $11,016.98 | |
| Jul, 2028 | 27 | $68.86 | $291.83 | $360.68 | $10,725.15 | |
| Aug, 2028 | 28 | $67.03 | $293.65 | $360.68 | $10,431.50 | |
| Sep, 2028 | 29 | $65.20 | $295.49 | $360.68 | $10,136.02 | |
| Oct, 2028 | 30 | $63.35 | $297.33 | $360.68 | $9,838.68 | |
| Nov, 2028 | 31 | $61.49 | $299.19 | $360.68 | $9,539.49 | |
| Dec, 2028 | 32 | $59.62 | $301.06 | $360.68 | $9,238.43 | |
| Jan, 2029 | 33 | $57.74 | $302.94 | $360.68 | $8,935.49 | |
| Feb, 2029 | 34 | $55.85 | $304.84 | $360.68 | $8,630.65 | |
| Mar, 2029 | 35 | $53.94 | $306.74 | $360.68 | $8,323.91 | |
| Apr, 2029 | 36 | $52.02 | $308.66 | $360.68 | $8,015.25 | |
| May, 2029 | 37 | $50.10 | $310.59 | $360.68 | $7,704.66 | |
| Jun, 2029 | 38 | $48.15 | $312.53 | $360.68 | $7,392.14 | |
| Jul, 2029 | 39 | $46.20 | $314.48 | $360.68 | $7,077.65 | |
| Aug, 2029 | 40 | $44.24 | $316.45 | $360.68 | $6,761.21 | |
| Sep, 2029 | 41 | $42.26 | $318.43 | $360.68 | $6,442.78 | |
| Oct, 2029 | 42 | $40.27 | $320.42 | $360.68 | $6,122.36 | |
| Nov, 2029 | 43 | $38.26 | $322.42 | $360.68 | $5,799.95 | |
| Dec, 2029 | 44 | $36.25 | $324.43 | $360.68 | $5,475.51 | |
| Jan, 2030 | 45 | $34.22 | $326.46 | $360.68 | $5,149.05 | |
| Feb, 2030 | 46 | $32.18 | $328.50 | $360.68 | $4,820.55 | |
| Mar, 2030 | 47 | $30.13 | $330.55 | $360.68 | $4,490.00 | |
| Apr, 2030 | 48 | $28.06 | $332.62 | $360.68 | $4,157.37 | |
| May, 2030 | 49 | $25.98 | $334.70 | $360.68 | $3,822.68 | |
| Jun, 2030 | 50 | $23.89 | $336.79 | $360.68 | $3,485.88 | |
| Jul, 2030 | 51 | $21.79 | $338.90 | $360.68 | $3,146.99 | |
| Aug, 2030 | 52 | $19.67 | $341.01 | $360.68 | $2,805.97 | |
| Sep, 2030 | 53 | $17.54 | $343.15 | $360.68 | $2,462.83 | |
| Oct, 2030 | 54 | $15.39 | $345.29 | $360.68 | $2,117.54 | |
| Nov, 2030 | 55 | $13.23 | $347.45 | $360.68 | $1,770.09 | |
| Dec, 2030 | 56 | $11.06 | $349.62 | $360.68 | $1,420.47 | |
| Jan, 2031 | 57 | $8.88 | $351.81 | $360.68 | $1,068.66 | |
| Feb, 2031 | 58 | $6.68 | $354.00 | $360.68 | $714.66 | |
| Mar, 2031 | 59 | $4.47 | $356.22 | $360.68 | $358.44 | |
| Apr, 2031 | 60 | $2.24 | $358.44 | $360.68 | $0.00 | |
What is debt consolidation?
Debt consolidation is when you merge multiple debts into a single loan. Instead of making separate payments for each credit card bill, an individual can get a loan to pay off all the credit cards and deal with only one loan payment. Debt consolidation often involves getting a new loan with lower interest and APR than the existing debts, which can result in huge savings in interest payments throughout the loan and allow the borrower to pay off his debt years earlier.
Pros and cons of debt consolidation?
There are many benefits of debt consolidation, below are the pros.
Pros debt consolidation
-
- Lower Interest Rate - Most personal loans have lower interest rates than credit cards. The APR for credit cards is usually in the range of 18%-22%. If you have a good credit score, you can get a much lower interest rate on a personal loan.
- Save on Interest Payments - With a lower interest rate and APR, you will save money on interest payments. If you owe money on multiple credit cards with high APR, getting a debt consolidation loan may save you thousands of dollars.
- Lower Monthly Payments - If you get a loan with a low interest rate, your monthly payments may be lower than if you were making minimum payments on your credit card.
- One Single Loan - It is much more convenient to deal with only one loan rather than managing multiple debts. It is easier to track and manage and may even motivate you to make extra payments to pay off the loan earlier.
While it benefits some people with debt consolidation, it may not be the best option for many others. Here are the cons of a debt consolidation loan.
Cons debt consolidation
- Higher Interest Rate - If you have a bad or low credit score, your overall interest rate may be higher for a debt consolidation loan than your existing debts.
- Fees & Costs - There may be loan origination fees and closing costs for a debt consolidation loan which may result in higher costs.
- Secured Loan Risks - If you are getting a secured loan such as a home equity loan or a HELOC, your home will be at risk if you fail to make payments.
How to use the debt consolidation calculator?
The debt consolidation calculator allows borrowers to compare multiple debts against one debt consolidation loan. Enter the balance, interest rate, and monthly payment for each debt. Balance - The current balance of the debt Interest - The interest rate for that debt Monthly Payments - How much you are paying for the debt On the consolidation loan, enter the following Loan Amount - You can get a loan equal to all your debt combined or any other amount Loan Terms - How many years are you planning to pay off the loan Interest Rate - What's the interest rate on your new consolidation loan? After you enter all the above information, the debt consolidation calculator will calculate your total monthly payments for all the debt combined and the new consolidation low. The debt consolidation calculator will compare the two options and let you know whether or not a debt consolidation loan will save you money.
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