justyourcalculatorDebt Consolidation Calculator
Whether rolling your debts into one loan saves money, after fees.
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Debt Consolidation Calculator
Does a consolidation loan save you money?
Origination fee taken from the loan; the loan is sized so your debts are still fully paid.
Consolidating saves
$6,280.07
Interest and fees, versus keeping your 3 debts
Current debts
- Total balance
- $22,500.00
- Monthly payments
- $620.00
- Paid off in
- 6 years 5 months
- Total interest
- $14,677.20
Consolidation loan
- Loan amountIncludes a $1,184.21 fee
- $23,684.21
- Monthly payment$105.05 less a month
- $514.95
- Paid off in
- 5 years
- Total interest
- $7,212.92
- Interest plus fee
- $8,397.13
- Real APR with the fee
- 13.26%
Current debts are paid at their listed payments until each is gone; rates are fixed. A lower monthly payment over a longer term can still cost more in total.
- Interest and fees
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How the debt consolidation calculator works
Your current debts are each paid at their listed monthly payment until they're gone, adding up the interest along the way. The consolidation loan pays them all off at once and is repaid in equal monthly payments over its term.
Origination fees are usually taken out of the loan, so the loan is sized to still cover every debt. The real APR is the rate at which the money you actually receive equals the payments you make, which is higher than the stated rate when there's a fee.
Using and checking your result
Published by JustYourCalculator. Check the units and assumptions above, and compare a known example before relying on the output. Calculations use browser arithmetic and may round displayed values.
This is an educational estimate, not a lender quote, tax filing calculation or investment recommendation. Actual costs depend on current rules, fees and your circumstances. Verify important decisions with official sources and a qualified adviser.
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