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Debt Consolidation Calculator

Finding Strategies for Debt Elimination

Our calculator can help you compare ways to consolidate debt and estimate your savings with a consolidation loan.

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Step 1:
Understand what you currently owe
Your total balance, combined interest rate, what you pay each month and when you will be debt-free.
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If you continue paying the same amount every month, you will be debt-free in:
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Step 2:
Your consolidation options depend on your credit score. How’s your credit?

A balance transfer card with an introductory 0% APR makes sense for small debts that can be repaid quickly. These cards are mostly available to people with good to excellent credit. Expect to pay a balance transfer fee of 3% to 5% of the amount consolidated.

If you have more debt, consider personal loans , which provide low rates for excellent credit.

If you have good credit, you can either apply for a 0% balance transfer card or a personal loan from an online lender. A debt consolidation loan makes sense for larger debts, and if the new loan carries a lower APR than your current debts and helps you get out of debt faster.

Expect a debt consolidation loan to carry rates between 15.5% and 19.5% APR. Compare options based on your credit score.

If your score is average, expect a debt consolidation loan from an online lender to carry rates between 21% and 25.7% APR.

A debt consolidation loan makes sense if the new loan carries a lower APR than your current debts, and helps you get out of debt faster. Compare options based on your credit score.

If your score is below 630, expect a personal loan from an online lender to carry rates between 26.7% and 32.4% APR.

A Consider Debt Relief makes sense if the new loan carries a lower APR than your current debts, and helps you get out of debt faster. Compare options based on your credit score.

The APR you expect to receive on a personal loan

The loan term you want (years)

Step 3:
See your savings
Current loan:
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Current total payment
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Consolidated loan:
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Your savings:
Interest saved (if negative, reduce term or lower rate)
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Compare Rates

Click to see estimated rates from multiple lenders on Shiirs.

Using The Debt Consolidation Calculator

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Step 1:

Enter the key information for all unsecured debts (personal loans, payday loans, credit cards) including:

  • Balance
  • Interest rates
  • Current monthly payments

Do not enter secured debts like low-rate student loans, mortgages, or car loans. There are different strategies for managing secured debts.

Submit the information by clicking “I’m done.” The calculator shares the results based on the values you entered.

  • Total Balance: The total value for all of the debts you owe.
  • Combined interest Rate: The average weighted interest rate for the debts you entered.
  • Total Monthly Payment: The total monthly payment you make toward these debts and their interest.
  • Debt-free Time: How long it will take you to pay off your debts based on your current monthly payments and balance.
Step 2:

View your debt consolidation options by choosing your credit score range. You will be able to view alternative options for bad credit along wise typical APR rates offered by several lenders.

Choosing a lender that offered direct payment to the creditors may streamline the debt payoff process.

View estimated rates and loan terms by dragging the sliders on the calculator. This is an easy way to compare different options.

Step 3:

Compare the new debt consolidation loan to your existing debts.

If the new total payment is less than your current total payment, debt consolidation is a logical solution. It will help you save on interest costs.

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What is Debt Consolidation?

Much as the name suggests, debt consolidation combines all of your separate debts into one. Ultimately, this should reduce the total interest rate and shorten the repayment time. Most times, you can save money via a debt consolidation loan, but there may be other consolidation options based on your unique situation.

How to Consolidate Debt

Online lenders, credit unions, or banks commonly offer debt consolidation loans. The lender pays off your different debts, and you pay one single monthly debt payment for the consolidation loan.

Here are different ways to consolidate your debt:

  • Home Equity Loan Homeowners may be able to take out a loan based on their home’s equity to pay for their other debts. The risk with a home equity loan is that you will lose your home if you do not stay on track with payments.
  • Credit Card Balance Transfer Transfer credit card debt to a 0 interest balance transfer card. This method relies on a promotional period that’s typically 12 to 18 months.
  • Retirement Account Loan Those with employer-sponsored retirement accounts or individual retirement savings accounts can withdraw some of that money to handle current debts. This leaves you with fewer funds for retirement, and you’ll owe penalties if you do not repay the loan.
  • Debt Management Plan Combine multiple debts into one monthly payment with a lower interest rate than a loan or credit card. However, you often pay monthly fees and startup fees. It typically takes three to five years to pay off the debt.
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Choosing a Debt Consolidation Lender

We’ve reviewed the top lenders to help you choose the best option for your situation. Here’s a quick breakdown of our top choices for debt consolidation loans:

For those with good credit

  • Marcus by Goldman Sachs. They do not have any fees.
  • LightStream. Low rates.
  • Discover. Flexible payment options.

For those with fair credit

  • Payoff. Excellent choice for paying off credit card debt.
  • Upgrade. Provides direct payment to creditors.

For those with bad credit

  • Avant. They offer fast funding.