Debt Consolidation Calculator
CalculatorCombine multiple credit card debts into one manageable payment
Juggling multiple credit cards? Debt consolidation combines them into one payment, often at a lower rate. But is it right for you? This calculator compares the numbers.
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Real-World Examples
3-Card Consolidation
Card 1: $3,000 at 20%. Card 2: $5,000 at 22%. Card 3: $2,000 at 19%. Consolidate to 12% personal loan over 36 months.
Inputs Used:
Current: $323/month combined, $3,892 interest over 36 months. Consolidated: $332/month, $1,968 interest. Saves $1,924!
Frequently Asked Questions
Glossary
How to Use
- 1Enter each credit card's balance and rate
- 2Add the consolidation loan terms you've been offered
- 3Include any fees (establishment, transfer)
- 4Compare total interest and payments
- 5See if consolidation makes sense
Key Information
- Lower rate doesn't always mean less total interest (term matters)
- Personal loan rates are typically 7-15% vs credit card 17-25%
- Balance transfer cards offer 0% but for limited periods
- Fees can offset some of the savings
Pro Tips
- Don't close old cards after consolidating (hurts credit score)
- Stop using cards completely while paying off consolidated loan
- Choose shortest term you can afford for least total interest
- Compare personal loan vs balance transfer options
Avoid These Mistakes
- Consolidating but then running up card balances again
- Choosing long term for lower payment (more total interest)
- Not including fees in the comparison
- Closing old cards and hurting credit utilization
Disclaimer: This calculator provides estimates only and should not be relied upon for financial decisions. Interest rates, fees, and policies change frequently. Always verify information with lenders directly. This is general information, not personal financial advice. Consider seeking advice from a licensed mortgage broker or financial advisor.
Last updated: February 2026