Debt Consolidation Calculator
Compare debt consolidation vs current debts and evaluate savings
Current Debts
Debt 1 (e.g., Credit Card)
Debt 2
Debt 3
Consolidation Loan
Debt Consolidation Analysis
Current Payment
$$330/mo
Avg rate: 20.4%
Consolidation Payment
$$332/mo
36 mo at 12%
Monthly Savings
$$-2
Higher payment
Current Debt Breakdown
Total: $$10000 | Estimated payoff: ~67 months
Cost Comparison
Current Debts
$$10750 interest
67 months
Consolidation
$$1957 interest + $$300 fees
36 months
Total savings: $$8416
Current DTI
6.6%
Within budget
Consolidation DTI
6.6%
Within budget
Credit Score Impact
May improve with lower utilization
Credit: good
Alternative Strategies
0% APR for 12-18 months, transfer fee 3-5%
Consolidation Tips
- 💡 Consolidation rate significantly lower - good option
- 💡 Consolidation payment higher - may not be beneficial
Note: Debt consolidation works best when new rate significantly lower than average current rate. Compare total cost including fees, not just monthly payment. Balance transfer cards offer 0% APR for 12-18 months with 3-5% transfer fee - good for paying off quickly. Home equity loans offer lowest rates but risk your home. Consider debt snowball (smallest first) for motivation or avalanche (highest rate first) for savings. Non-profit credit counseling may offer debt management plans. Avoid debt settlement companies - they can damage credit. Consolidation doesn't address spending habits - budget counseling important.