Debt Consolidation Calculator
Consolidating credit cards and loans into one payment only helps if the new rate beats your weighted average. This calculator compares the consolidated loan against your current minimum payments.
How to use this calculator
- Enter debt 1 balance.
- Enter debt 1 APR.
- Enter debt 1 minimum payment.
- Enter debt 2 balance.
- Enter debt 2 APR.
- Enter debt 2 minimum payment.
- Enter debt 3 balance (optional).
- Enter debt 3 APR.
- Enter debt 3 minimum payment.
- Enter consolidation rate.
- Enter consolidation term.
- Your results appear instantly below and update as you change the numbers.
How this calculator works
The calculator blends your balances and APRs into a weighted average rate, then prices a new loan at your consolidation rate and term. It also simulates paying each debt with its minimum to show the current payoff time and interest. The interest saved is the difference between the two paths.
Frequently asked questions
When does consolidation actually save money?
When the new rate is meaningfully below your weighted average — a balance transfer at 0% for 18 months is a classic win. If the new rate is only slightly lower but the term is longer, you can end up paying more interest overall.
Does a consolidation loan hurt my credit?
Applying triggers a hard inquiry and your credit utilization can change, but paying down the cards usually improves your score over time. The bigger risk is running the cards back up — consolidation only works if the balances stay paid off.
Should I pay off the highest rate first instead?
Mathematically the avalanche — highest APR first — beats consolidation at the same total payment, because you are not paying fees or extending the term. Consolidation wins on convenience and on a lower rate, not on discipline alone.
Disclaimer: Results are estimates for general information only and do not constitute financial, tax, or legal advice. Figures reflect 2026 rules and may change. Always confirm current limits and consult a qualified professional before making decisions. Official figures: IRS.gov · 2026 limits per IRS tax inflation adjustments.