Debt Consolidation Calculator
Combine multiple high-interest debts into one manageable loan. See how much you can save on interest and simplify your monthly payments
Your Current Debts
Consolidation Loan Terms
Typical personal loan rates: 6-15%
Benefits of Debt Consolidation
- ✓Lower interest rate: Save thousands in interest charges
- ✓Single payment: Simplify your finances with one monthly bill
- ✓Fixed terms: Know exactly when you'll be debt-free
- ✓Lower monthly payment: Free up cash flow for other goals
- ✓Improve credit score: Pay off revolving debt and improve utilization
- ✓Reduce stress: Stop juggling multiple due dates and accounts
Consolidation Options
- •Personal Loan: Fixed rate, fixed term, unsecured
- •Balance Transfer Card: 0% intro APR, but watch for fees
- •Home Equity Loan: Lower rate, but home is collateral
- •HELOC: Flexible credit line secured by home equity
- •401(k) Loan: Low rate but risky - avoid if possible
- •Debt Management Plan: Through credit counseling agency
⚠️ Important Warnings
- ⚠️ Don't accumulate new debt: Consolidation only works if you stop using credit cards
- ⚠️ Watch for fees: Origination fees, balance transfer fees can eat into savings
- ⚠️ Longer term = more interest: Lower payment may mean paying more over time
- ⚠️ Secured loans are risky: Don't risk your home for unsecured credit card debt
- ⚠️ Address the root cause: Fix spending habits or debt will return
- ⚠️ Check your credit first: Need good credit (680+) for best rates
Ready to Take Control of Your Debt?
Explore our other tools to create your complete debt elimination strategy