Debt Consolidation Calculator

Debt consolidation combines multiple debts into one loan with a single payment. This can lower your interest rate, reduce monthly payments, or simplify finances. Methods include personal loans, balance transfer cards, home equity loans, or debt management plans.

Consolidation helps when: you qualify for a lower rate than current debts, you\\

Risks include: longer terms meaning more total interest, fees eating into savings, temptation to use freed-up credit cards, secured loans risking home if you can\\

Compare total cost: (monthly payment × months) + fees for consolidation vs. current debts. Include origination fees, balance transfer fees, and closing costs. Our calculator shows side-by-side comparison of total paid under each scenario.

Debt consolidation differs from settlement (negotiating to pay less than owed - damages credit) and bankruptcy (legal debt discharge - severe credit impact). Consolidation maintains your obligations and credit history. Consult a nonprofit credit counselor if you\\