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Calculators / Finance / Debt consolidation
Debt consolidation calculator
Compare the monthly payment and total interest of a proposed consolidation loan.
On this page
Monthly payment435.56
Total interest and fees6,133.86
Calculator controls
How to calculate
Compare the monthly payment and total interest of a proposed consolidation loan.
Monthly payment = (balance+fees)*(apr/1200)/(1-(1+apr/1200)^(-months)); Total interest and fees = (balance+fees)*(apr/1200)/(1-(1+apr/1200)^(-months))*months-balance
Worked example
Combined debt balance: 20000; Consolidation annual interest (%): 10; Loan term (months): 60; Upfront fees: 500.
Monthly payment: 435.56 ; Total interest and fees: 6,133.86 .
Assumptions and limits
Compare against the existing debts’ remaining interest and fees. A lower payment can still cost more when the term is longer.
Results are rounded for display; calculations use unrounded values. Read our calculation methodology.
Understanding the result
Compare the monthly payment and total interest of a proposed consolidation loan. The displayed figures use the inputs and formula shown on this page.
When this tool is useful
Use the debt consolidation to compare a scenario, check an estimate, or verify a manual calculation.
Understanding your inputs
| Input | What to enter |
|---|---|
| Combined debt balance | Enter a number of at least 0.000001 and no more than 1000000000000. |
| Consolidation annual interest (%) | Enter a number of at least 0.000001 and no more than 100. |
| Loan term (months) | Enter a number of at least 1 and no more than 1200. |
| Upfront fees | Enter a number of at least 0 and no more than 1000000000000. |
Frequently asked questions
What should I check before using the debt consolidation result?
Compare against the existing debts’ remaining interest and fees. A lower payment can still cost more when the term is longer.
Is this debt consolidation result exact?
It is exact for the stated mathematical model and entered values. Real-world results can differ when rates, timing, fees, definitions or measurement conditions differ.