Debt Consolidation Calculator
Compare debt consolidation options and see how much you could save by combining your debts into a single, lower-interest payment.
How it works
Enter your current debts and compare different consolidation options. See potential savings in monthly payments, interest, and total cost.
Current Debts
Total Balance:$16,000
Total Min Payment:$440
Weighted Avg Rate:17.81%
Consolidation Options
Personal Loan
10.99%
60 months
Fixed rate personal loan with predictable payments
Fees: $500
Balance Transfer Card
0.00%
18 months
0% APR for 18 months, then 18.99% APR
Fees: $300
Home Equity Loan
7.25%
120 months
Secured by your home equity, tax-deductible interest
Fees: $1,000
Comparison Results
Current Debt Plan$23,439
Consolidation Plan$21,368
Current Plan
Monthly Payment:$440
Payoff Time:4y 10m
Total Interest:$7,439
Total Cost:$23,439
Consolidation Plan
Monthly Payment:$348
Payoff Time:5y 0m
Total Interest:$4,868
Total Cost:$21,368
Your Potential Savings
$92
Monthly Savings
$2,571
Interest Savings
$2,071
Total Savings
Consolidation could save you money!
Next Steps
Check your credit score
Your credit score affects the rates you'll qualify for
Shop around for rates
Compare offers from multiple lenders
Read the fine print
Understand all fees and terms before signing
Avoid new debt
Don't run up balances on paid-off cards
Understanding Debt Consolidation
When Consolidation Makes Sense
- • You qualify for a lower interest rate
- • You want to simplify payments
- • You need lower monthly payments
- • You have good credit
Types of Consolidation
- • Personal loans
- • Balance transfer credit cards
- • Home equity loans/HELOC
- • Debt management plans
Potential Drawbacks
- • May extend repayment period
- • Fees and closing costs
- • Risk of accumulating new debt
- • May require collateral
Before You Consolidate
- • Calculate total costs carefully
- • Consider debt avalanche method
- • Address spending habits
- • Build an emergency fund
Need Help Choosing the Right Option?
Warren AI can analyze your complete financial picture and recommend the best debt elimination strategy for your specific situation, including consolidation alternatives.