Debt Consolidation Calculator
Calculate credit card payments, payoff timelines, and interest costs.
Current Debts
Additional amount you can pay toward debts
Consolidation Option
New loan interest rate
Loan term length
Upfront costs for consolidation
Financial Profile
Current credit score
Gross monthly income
Debt Analysis
Total Debt
17.15% avg rate
Monthly Payments
Current minimums
Payoff Time
With minimum payments
Principal vs Interest
Best Strategy: CONSOLIDATION
Consolidation Analysis
Payoff Strategies Comparison
Cash Flow Impact
Strategy Comparison
| Strategy | Monthly | Interest | Time |
|---|---|---|---|
| Current (Minimum Only) | $700 | $11,155 | 4y |
| Debt Avalanche | $700 | $11,085 | 4y |
| Debt Snowball | $700 | $11,155 | 4y |
| Consolidation Loan | $542 | $7,500 | 5y |
Important Considerations
- • Avoid taking on new debt after consolidation
- • Ensure stable income before committing to new payment
- • Consider impact on credit score and available credit
How it works
Debt consolidation rolls several balances into one new loan with a single payment. The calculator compares your current debts — each at its own rate — against one consolidated loan. It pays off if the new rate is below your current blended (weighted-average) rate, and if any fees don't eat the savings.
Blended rate vs new rate
Blended rate = Σ(balance × rate) ÷ Σ balances
- balance
- amount owed on each debt
- rate
- APR on each debt
Worked example
- Card A: $5,000 at 24%
- Card B: $10,000 at 12%
- Consolidation loan offered at 11%
- Blended = (5,000×24% + 10,000×12%) ÷ 15,000
- Blended = (1,200 + 1,200) ÷ 15,000 = 16%
Your debts average 16% — consolidating to 11% cuts the rate and the monthly interest.
Good to know
- Consolidation only helps if the new rate beats your blended rate — otherwise you're just reshuffling.
- A longer term can lower the monthly payment while raising total interest; compare lifetime cost, not just the payment.
- Watch balance-transfer or origination fees (3–5%), and don't run the old cards back up — that's the usual way consolidation backfires.
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Häufig gestellte Fragen
How long will it take to pay off credit card debt?
Payoff time depends on balance, interest rate, and payment amount. Paying only minimums can take decades and cost thousands in interest.
Should I pay off highest interest or smallest balance first?
Mathematically, pay highest interest first (avalanche method). Psychologically, smallest balance first (snowball method) provides motivation.
How does credit utilization affect my score?
Keep credit utilization below 30% of available credit, ideally under 10%. High utilization negatively impacts your credit score.