ConvertOnlineDebt Consolidation Calculator: Compare Cost and Payment
Report source: https://convertonline.org/calculators/debt-consolidation-calculator
Test whether a proposed consolidation loan lowers the monthly payment, total payoff cost, or both. Fees can be paid upfront or included in the new loan balance.
Calculations run in your browser. Your balances, account labels, and other financial inputs are not uploaded or stored.
Debt Consolidation Calculator
Current debts vs. consolidation offer
Detailed results
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How the debt consolidation calculator works
Payoff-adjusted cost = payments made + remaining balances + upfront consolidation costs. Break-even is the first month the proposed path costs no more than the current path.
A lower monthly payment can still cost more overall when the new term is longer or fees are high.
How to use this calculator
- Enter the balances, rates, payments, and dates from your latest statements.
- Review optional assumptions, then compare the primary result and total cost.
- Open the schedule to verify the payoff path before printing or saving a PDF.
Assumptions and limitations
- Current debts keep their entered payments without payment rollover.
- The proposed loan has a fixed rate, on-time payments, and no prepayment penalty.
- Credit-score changes, approval odds, tax effects, debt settlement, and new borrowing are excluded.
Sources and further reading
Worked example
Example: consolidating $12,000
Two debts totaling $12,000 with $350 in combined payments are compared with a 10% five-year loan and $560 in fees.
The upfront-fee offer has an estimated $254.96 payment and can lower modeled total cost, despite extending the payoff by several months.
Frequently asked questions
Does consolidation always save money?
No. Compare total interest and fees as well as the monthly payment and term.
Should I finance the origination fee?
Financing reduces cash needed now but increases the balance and interest. Paying upfront raises the initial break-even hurdle.
What does break-even mean here?
It is the first month when payments, remaining payoff balances, and upfront fees make the proposed path no more costly than staying with current debts.
This calculator provides an estimate for planning and education. It is not a lender disclosure, credit counseling, legal advice, tax advice, or a promise of eligibility or savings.