GlenCalc

Debt consolidation calculator

Enter what you owe now and what you pay each month, and the terms of a consolidation loan. You see whether the new loan saves money, and how its payment and payoff time compare.

Usually taken out of the loan, so you borrow a bit more to cover it.

Your answer

Cheaper optionConsolidation loanSaves $1,597.52
Monthly payment now$650.00
Consolidation payment$484.13
Paid off now in3 years 3 months
Consolidation paid off in4 years
Total paid now$24,835.57
Total paid with consolidationLoan of $18,556.70 including the fee$23,238.05

Worked out in your browser. Nothing you type is sent to a server.

How we worked it out

Updated as you change the numbers.

  1. Now: $18,000.00 at 21% paying $650.00 a month, simulated to zero.
  2. Consolidation: borrow $18,556.70 (balance plus fee), repaid over 48 months at 11.5%.
  3. Compare the total paid each way.

Method and assumptions

Both options are run to payoff and the totals compared. A lower rate saves money only if the fee and any longer term don’t eat the saving. Consolidating credit cards helps only if the cards are not run up again.

Questions

Does debt consolidation hurt your credit?

Applying causes a small, temporary dip; paying on time afterwards usually helps. Closing old cards can raise your utilization ratio.

Sources

Method and figures checked on . Every worked answer on this page is covered by an automated test. Found a mistake? Tell us.

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