Reference formulas and worked examples below keep their stated units. Monetary examples use USD; dimensional examples use US customary units unless labeled otherwise. Metric calculator inputs are converted to these reference units before calculation. Choosing another currency does not convert example amounts or exchange money.
How to use this debt consolidation calculator
Enter 2–10 debts with fixed monthly payments. Compare them with the proposed new loan, including fees paid now or financed.
How the calculation works
For each existing debt, calculate monthly interest from its current balance and annual nominal rate, then apply its fixed monthly payment. Cap the final payment at the amount owed. Stop and label a non-shrinking balance rather than reporting a false payoff time.
The new loan finances the combined balances plus fees if financed. Cash fees are added separately to new total cost. Its scheduled payments fully amortize the modeled principal.
Compare total remaining payments and interest only when all original debts repay within the 1,200-month modeling limit. When one does not, original-plan totals and savings remain undetermined.
Payments are not automatically redirected from an old debt that is paid off to another debt. The monthly table preserves this fixed-payment baseline and includes the new-loan payment and balance.
Worked example
Two debts at 0% owing $1,200 and $600, each paid at $100 per month, cost $1,800 to clear. A 0% consolidation loan over 18 months has a $100 payment, but $90 in cash fees raises its total cost to $1,890. The lower starting payment does not create total savings.
Limits and assumptions
Fixed rates and fixed individual payments, no new spending or changing minimum-payment rules. No snowball/avalanche payment reallocation, credit eligibility, tax effects, collateral assessment or lender offer search. Original debts are modeled for at most 1,200 months; unknown totals stay unknown.
Frequently asked questions
Can I add or remove debts?
Yes, compare 2–10. Remove unused rows rather than leaving required amounts incomplete. Each debt keeps its own rate and fixed payment.
Does a smaller payment mean I save money?
Not necessarily. A longer term and fees can reduce the monthly amount while increasing total repayment.
Why might savings be undetermined?
If a current payment does not reduce its balance, or payoff exceeds the model horizon, there is no reliable finite original total to subtract. The tool does not replace that missing total with zero.
Does it model credit-card minimum payments?
Not variable minimums here. Enter a fixed payment scenario for each debt; use the credit-card payoff tool to examine minimum-payment formulas.