Debt Consolidation Calculator
Compare debt consolidation options, calculate potential savings, and find the best strategy to pay off multiple debts.
This is the total amount you can afford to pay toward your debts each month.
How to Use This Calculator
Current Debt Analysis
1. Total Debt Balance = Sum of all individual debt balances
2. Weighted Average Interest Rate = Σ(Balance × Rate) ÷ Total Debt
3. Total Minimum Payments = Sum of all minimum payments
4. Current Payoff Time = Calculated using avalanche method
5. Total Interest = Interest paid over current payoff period
Balance Transfer Analysis
1. Transfer Fee = Total Balance × Transfer Fee Percentage
2. Promotional Period Interest = Balance × Promo Rate × Promo Months
3. Post-Promo Interest = Remaining Balance × Standard Rate × Remaining Months
4. Total Balance Transfer Cost = Transfer Fee + Promo Interest + Post-Promo Interest
5. Time to Payoff = Promo Period + Post-Promo Period
Personal Loan Analysis
1. Loan Amount = Total Debt + Origination Fee
2. Monthly Payment = P × [r(1 + r)^n] / [(1 + r)^n - 1]
3. Total Interest = (Monthly Payment × Term) - Loan Amount
4. Total Cost = Monthly Payment × Term
5. Where P = Principal, r = Monthly Rate, n = Total Payments
Home Equity Analysis
1. Available Equity = (Home Value × 80%) - Current Mortgage
2. Loan Amount = Total Debt + Closing Costs
3. Monthly Payment = Calculated using amortization formula
4. Total Interest = (Monthly Payment × Term) - Loan Amount
5. Qualification = Available Equity ≥ Total Debt
Savings Comparison
1. Current Total Cost = Total Debt + Current Total Interest
2. Consolidation Total Cost = Loan Amount + Total Interest + Fees
3. Total Savings = Current Total Cost - Consolidation Total Cost
4. Monthly Payment Savings = Current Payment - New Payment
5. Time Savings = Current Payoff Time - New Payoff Time
Important Notes:
- This analysis assumes you'll maintain the same payment amount
- Balance transfers require good credit and may have transfer limits
- Personal loans have fixed terms and may have prepayment penalties
- Home equity loans use your home as collateral
- Consider credit score impact and qualification requirements
How Debt Consolidation Calculator Works
This calculator helps you compare different debt consolidation options and find the best strategy to pay off multiple debts.
Total Debt = Sum of all individual debt balances
This is the total amount of debt you have across all accounts.
Weighted Average Rate = Σ(Balance × Rate) ÷ Total Debt
This represents your current average interest rate across all debts.
Balance Transfer Cost = Transfer Fee + Interest During Promo + Post-Promo Interest
Total cost including fees and interest for balance transfer option.
Personal Loan Payment = P × [r(1 + r)^n] / [(1 + r)^n - 1]
Monthly payment calculation using standard amortization formula.
Home Equity Available = (Home Value × 0.8) - Current Mortgage
Available equity based on 80% loan-to-value ratio.
Total Savings = Current Total Cost - Consolidation Total Cost
The amount you'll save by consolidating your debts.