Debt Consolidation Calculator
Consolidation replaces several debts with one loan. This calculator compares your current minimum-payment path against a consolidation loan — including fees and points — using the fee-adjusted real APR so the comparison is honest.
TheCalculators — Debt Consolidation Calculator
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Consolidation Saves
$4,191
Real APR 13.25% beats your debts’ blended cost
Current debts (paying minimums)
- Total Balance
- $24,000.00
- Total Monthly Payments
- $630.00
- Payoff Time
- 5 yr 5 mo
- Total Interest
- $13,047.62
With consolidation loan
- Loan Amount
- $25,000.00
- Monthly Payment
- $543.44
- Payoff Time
- 5 yr 0 mo
- Loan Interest
- $7,606.15
- Fee (5.00%)
- $1,250.00
- Interest + Fee
- $8,856.15
- Real APR (fee-adjusted)
- 13.25%
Cost comparison
Side-by-side
Consolidation only pays off when the loan’s real APR (including fees) is below your current blended rate — and only if you don’t run the cleared cards back up. Home-equity options carry lower rates but put your house at collateral risk.
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Formula
Real APR solves: net proceeds = payment × (1 − (1+i)^−n)/i, i = APR/12; Net proceeds = loan − fees
Pro tips
- • Compare real APR, not the advertised rate — points and fees raise the true cost.
- • A shorter consolidation term raises the payment but multiplies the interest savings.
- • Secured consolidation (home equity) is cheaper but riskier than a personal loan.
FAQ
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