Is debt consolidation worth it?
Debt consolidation combines multiple debts (like credit cards) into a single new loan, ideally with a lower interest rate and one simplified monthly payment. This calculator compares your current situation to a proposed consolidation loan.
How this calculator works
We calculate the monthly payment for a new consolidation loan using the standard amortization formula, then compare it to your current monthly payment. We also estimate how long it would take to pay off your current debt at its current rate and payment, to compare total interest costs between the two paths.
This calculator is for general planning purposes; actual consolidation loans may include fees that affect total savings.
Last reviewed August 2026