Debt Consolidation Calculator
Enter your current debts and compare them with a potential consolidation loan. See how your estimated monthly payment, payoff timeline, and remaining borrowing costs could change.
Your Current Debts
Enter the balance, APR, and monthly payment for each debt you want to include. You can compare up to six debts.
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Potential Consolidation Loan
Enter a possible APR and term to compare a new fixed-rate loan with your current debts.
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Enter the rate you want to compare. This is not an advertised or guaranteed FSB rate.$
Enter $0 if none. Any amount entered is assumed to be added to the new loan balance.Your Debt Consolidation Results
Compare your current debts with the consolidation loan scenario you entered.
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Potential monthly savings
Enter your debts and a consolidation scenario to compare.
Your Current Debt
Total balance -
Combined monthly payments -
Weighted average APR -
Estimated time until all debts are paid -
Estimated remaining interest -
Consolidation Scenario
Estimated new loan amount -
Estimated monthly payment -
APR -
Loan term -
Estimated interest and financed fees -
Estimated total cost difference -
Estimated payoff timing -
What This Comparison Means
Calculator disclaimer: This calculator provides estimates for educational purposes only. Current debt payoff estimates assume the monthly payment you enter remains constant, no additional purchases or advances are made, and the APR entered does not change. Credit card minimum payments may change over time. Consolidation estimates assume a fixed-rate installment loan and that any fee entered is financed as part of the new loan. Actual rates, terms, payments, fees, and savings may vary based on creditworthiness and other factors. A lower monthly payment may result from extending the repayment period and may not reduce your total borrowing cost.
Debt Consolidation Calculator FAQs
Use these answers to better understand your debt consolidation estimate, including how monthly payments, interest costs, payoff timelines, and loan terms can affect your results.
What does a debt consolidation calculator show?
A debt consolidation calculator compares your current debts with a potential consolidation loan. By entering your balances, APRs, monthly payments, and a possible new loan rate and term, you can estimate how consolidation could affect your monthly payment, payoff timeline, and total borrowing cost.
What debts can I include in the calculator?
You can compare credit card balances, personal loans, auto loans, medical debt, and other debts with regular monthly payments. Enter each debt separately so the calculator can account for its individual balance, APR, and payment.
How does the calculator estimate my current debt payoff?
The calculator uses the balance, APR, and monthly payment you enter for each debt to estimate how long it may take to repay the balance if you continue making that payment and do not add new charges. It also estimates the remaining interest you could pay during that period.
Does a lower consolidation payment mean I will save money?
Not necessarily. A consolidation loan may lower your monthly payment by extending the amount of time you have to repay the debt. A longer repayment term can sometimes increase the total interest you pay, even when the monthly payment is lower. Compare both the monthly payment and estimated total cost before deciding which option fits your goals.
What APR should I enter for the consolidation loan?
Enter the APR you want to compare with your current debts. You can test different rates to see how the estimated payment and total cost change. The rate entered is for comparison purposes and does not represent a guaranteed FSB loan rate or approval.
Should I include loan fees in the calculator?
Yes, if you expect fees to be added to the new loan balance. Enter the estimated financed fees so the calculator can include them when estimating your new payment and total borrowing cost. If you do not expect any financed fees, enter $0.
Why does the calculator say my current payment is too low?
If your monthly payment is less than or very close to the interest being charged each month, the balance may not decrease enough to create a realistic payoff estimate. Review the balance, APR, and payment you entered to make sure they are correct.
Are the debt consolidation calculator results guaranteed?
No. The results are estimates based on the information you enter. Actual loan rates, terms, payments, fees, and potential savings depend on your individual financial situation, creditworthiness, and the loan options available to you.
