Debt Consolidation Calculator
Compare staying on the current balance, APR, and payment versus a new rate and term that may include fees. Informational, not lending advice.
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How to compare consolidation paths
- Enter the current balance, APR, and total monthly payment you make today.
- Enter the new APR and term for the consolidating loan.
- Add any fees that would be financed into the new principal.
- Read new payment, interest on each path, interest difference, and months remaining.
- Treat the comparison as arithmetic, not a loan offer or credit advice.
Debt consolidation comparison
Old amortizing path versus new fixed-term loan
| Old path | Amortize current balance at old APR with the typed payment |
|---|---|
| New principal | oldBalance + fees |
| New payment | Standard PMT on new principal, new APR, new term |
| Interest difference | Old total interest − new total interest |
| Requirement | Old payment must exceed monthly interest on the old balance |
| Advice | Informational. Not lending advice. |
What this consolidation page compares
One path keeps paying the current balance at the current APR with the payment you type. The other finances balance plus fees into a new amortizing loan at the new rate and term. The page reports payments, interest totals, and how many months each path needs.
Formulas used
The old path amortizes until the balance clears using monthly rate = old APR / 100 / 12. New principal = current balance + fees. New payment uses the standard level payment on that principal over newYears × 12 months at the new monthly rate. Interest difference is old total interest minus new total interest.
Related money pages
Paying several debts with avalanche or snowball is on debt payoff. A single fixed-rate payment is on loan. Revolving payoff months sit on credit card payoff.
Use cases
See whether a lower APR and new term cut interest after fees. Check that the current payment actually covers interest before comparing. Not an approval decision or a lender quote.
Worked example
Current balance $15,000 at 18% APR with a $400 payment. New loan at 9% for 5 years with $300 fees. Amount financed is $15,300. The page shows the new monthly payment, interest on both paths, and the interest difference.
Limits
One blended old payment only. No credit score, prepayment penalties, or variable rates. A longer new term can raise total interest even when the payment falls. Informational, not lending advice. See the disclaimer.