Debt Consolidation Calculator

Compare your current debts against a consolidated loan to see if consolidation would save you money.

  • Methods explained
  • Save scenarios
  • Compare saved scenarios

Your Current Debts

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Consolidation Loan

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5 years

Comparison

Current Debts

Total Balance$16,000
Monthly Payments$450
Total Interest$5,936

Consolidated Loan

Monthly Payment$324
Total Interest$3,465
Monthly Savings$126
Total Savings$2,471

Consolidation is recommended - you will save money!

How it works›

Model and assumptions. Compares modeled loan payments, interest and entered fees across the alternatives. A lower payment can result from a longer term and need not mean a lower total cost. Costs reflect the entered assumptions; taxes, lender approval and unentered charges are excluded.OpenStax: annuity formulas