Debt Consolidation Calculator

Calculate your monthly payments and total interest savings with this free Debt Consolidation Calculator by WhizBudget. See if consolidating your debt makes sense.

How to Use This Calculator

  1. Enter your current debts, including the balance, APR, minimum payment, term, and any associated fees for each debt.
  2. Click "Add Another Debt" if you have more than one debt to consolidate.
  3. Enter the details of your potential consolidation loan, including the new APR, term, and any consolidation fees.
  4. Click "Calculate Savings" to see a detailed comparison of your current situation versus the consolidated loan.

Your Current Debts

Consolidation Loan Details

Your Results

Current Situation

Total Debt: 0.00

Total Monthly Payments: 0.00

Estimated Payoff Time: 0 months

Total Interest to Pay: 0.00

After Consolidation

New Monthly Payment: 0.00

Monthly Savings: 0.00

New Payoff Time: 0 months

Total Interest to Pay: 0.00

Interest Savings: 0.00

Understanding Debt Consolidation

What is Debt Consolidation?

Debt consolidation is a financial strategy that combines multiple debts into a single loan or payment. This approach can simplify your financial management and potentially reduce your overall interest costs. By consolidating your debts, you're essentially taking out a new loan to pay off existing debts, leaving you with just one monthly payment to manage.

When to Consider Debt Consolidation

Debt consolidation might be right for you if:

  • You have multiple high-interest debts
  • You're struggling to keep track of multiple payment due dates
  • You want to simplify your monthly payments
  • You can secure a lower interest rate than your current debts
  • You have a good credit score that qualifies you for better rates

Benefits of Debt Consolidation

  • Simplified Payments: One monthly payment instead of multiple payments to different creditors
  • Potential Interest Savings: Lower interest rates can reduce the total cost of your debt
  • Improved Credit Score: Consistent, on-time payments can help improve your credit score
  • Better Budget Management: Easier to plan and manage your monthly budget
  • Reduced Stress: Less worry about multiple due dates and payment amounts

Types of Debt Consolidation

Personal Loans

Unsecured loans that can be used to consolidate various types of debt. Typically have fixed interest rates and terms.

Balance Transfer Cards

Credit cards that offer low or 0% introductory APR periods for transferring existing balances.

Important Considerations

Before consolidating your debt, consider:

  • Your current credit score and its impact on interest rates
  • Any fees associated with the consolidation process
  • Whether you can commit to the new payment schedule
  • The total cost of the consolidated loan versus your current debts
  • Your long-term financial goals and how consolidation fits into them

How to Get Started

Use our debt consolidation calculator above to:

  1. Compare your current debt situation with potential consolidation options
  2. Calculate potential monthly savings
  3. Determine the total cost of consolidation
  4. Make an informed decision about whether debt consolidation is right for you