Debt Consolidation Calculator
Compare multiple current debts with a consolidation loan using balances, APRs and payments, including payoff time, total interest, fees, payment change and potential savings.
- Models each current debt separately
- Compares total interest and payoff horizon
- Includes consolidation fee and payment change
Calculator workspace
Enter the assumptions, calculate, and review supporting values and the method—not just one unexplained result.
What this Debt Consolidation Calculator does
Compare multiple current debts with a consolidation loan using balances, APRs and payments, including payoff time, total interest, fees, payment change and potential savings. The workspace is built to expose the major assumptions that influence the answer. Supporting figures are displayed with the main result so the calculation can be checked, compared and repeated without relying on a hidden formula.
For planning work, keep every input on the same basis. Rates should use the period described by the field, monetary values should use the same currency, and recurring amounts should refer to the same payment or reporting interval. The calculator keeps the assumptions visible beside the result so a second person can reproduce the calculation instead of receiving only a final number.
Formula and calculation method
Each current debt is amortized independently using its own balance, APR and monthly payment until payoff. The consolidation side amortizes one new fixed-rate loan over the selected term. The comparison includes the entered origination fee so a lower rate is not automatically treated as a saving.
The result is calculated locally in the browser. Inputs are not uploaded to OfficeCalculator.Net for the arithmetic itself, and the page does not require an account. Where a rate or assumption can vary by provider, market, jurisdiction or personal situation, the field is editable rather than hard-coded into the calculator.
How to use the calculator
- Enter the values that describe the same scenario, transaction or planning period.
- Check units, rate conventions and payment timing before calculating.
- Select Calculate and review the main result together with every supporting metric.
- Change one assumption at a time to compare realistic alternative scenarios.
- Use Copy Result, Share Result or Save Result Image when you need a record for later review.
Scenario testing is often more useful than a single result. After the first calculation, change one uncertain assumption and calculate again. This shows which inputs have the greatest effect and helps separate a genuinely important variable from one that changes the answer only slightly. Save or copy the result together with the inputs when the calculation will be reviewed later.
Worked example
Suppose three debts total 24,500 with different rates and payments. A five-year consolidation loan at 9.5% can reduce the monthly payment, but the total saving depends on how quickly the existing debts would otherwise be repaid and on the origination fee.
How to interpret the result
A consolidation loan can simplify payments and may lower interest, but a lower monthly payment can also come from stretching repayment over more years. Compare total cost, not only monthly cash flow. If the new loan saves interest but extends the payoff date, decide which objective matters more for your plan.
For decisions with meaningful financial, contractual, engineering or health consequences, compare the calculator output with current source documents and the rules that actually apply to you. A transparent calculator is useful for planning and checking, but it cannot know every term, exception or future change that may affect a real-world outcome.
Important assumptions and limitations
The current-debt simulation assumes fixed APRs, fixed monthly payments and no new borrowing. It does not model promotional rates, variable rates, late fees, penalty rates or cards that continue to receive purchases. A current payment that does not cover monthly interest is flagged because that balance would not amortize under the simple model.
Use this calculator for planning, comparison and general informational purposes. Keep a copy of the assumptions used when the result may need to be reproduced or audited later.
Frequently asked questions
How are the current debts compared?
Each line is simulated month by month using its own balance, APR and payment, then the interest and payoff time are aggregated.
Should I finance the consolidation fee?
If the lender adds the fee to the balance, choose finance fee. If you pay it separately, choose pay fee separately so the borrowed balance stays equal to the debts being consolidated.
Is the lowest monthly payment always best?
No. A lower payment may result from a longer term and can increase total interest. Compare payment, total cost and payoff date together.