Debt Consolidation Calculator

Plug in your current debts to see ways to consolidate, and estimate your savings with a consolidation loan.
Last updated on Dec 9, 2022

Many or all of the products featured here are from our partners who compensate us. This influences which products we write about and where and how the product appears on a page. However, this does not influence our evaluations. Our opinions are our own. Here is a list of our partners and here's how we make money.

The debt consolidation calculator below can help you decide if consolidation is right for you. The calculator will suggest the best way to consolidate your debt and estimate your savings with a debt consolidation loan.

You can also compare debt consolidation loans based on your credit score.

Debt consolidation calculator

How to use the debt consolidation calculator

Step 1: Enter the balances, interest rates and monthly payments you currently make toward your unsecured debts, like credit cards, personal loans and payday loans.

Don't include secured debts like car loans or low-rate student loans here. There are better ways to manage those debts. (Learn more about auto refinancing and student loan refinance options.)

Click "I'm done" and look at the calculator results, based on the figures you entered:

  • Total balance: The sum of all your debts, or what you owe in total.

  • Combined interest rate: Your average weighted interest rate for all the debts you put in the calculator.

  • Total monthly payment: The amount you're paying monthly toward these debts, including interest.

  • When you'll be debt-free: The amount of time until you are debt-free, based on your current balance and monthly payments.

Step 2: Choose your credit score range to see your debt consolidation options. Depending on the size of your debt and credit score, a balance transfer card or debt consolidation loan may be a good fit.

If you’re interested in a consolidation loan, drag the sliders below the table to enter an estimated rate and the repayment term you want (in years) for the new loan.

Step 3: Look at the comparison between your current debts and the new debt consolidation loan.

Debt consolidation makes the most sense when your new total payment is less than your current total payment, and you save money on interest.

Want to consolidate your debt? See if you pre-qualify for a debt consolidation loan.
Just answer a few questions to get personalized results from our lending partners.

What is debt consolidation?

Debt consolidation rolls your existing debts into one, ideally with a lower interest rate and shorter payoff time, saving you money and time until payoff. This is often accomplished with a debt consolidation loan, but there are other ways to consolidate debt depending on your specific situation.

Ways to consolidate debt

  1. Debt consolidation loan: These loans, usually from an online lender, credit union or bank, provide a large amount of money to pay off multiple debts, leaving you with one monthly debt payment.

  2. Balance transfer credit card: This option transfers credit card debt to a credit card that charges no interest for a promotional period, typically 15 to 21 months.

  3. Home equity loan: If you own your home, you may be able to get a loan based on the equity in your home to pay off your other debts, but you risk losing your home if you don’t keep up with payments.

  4. Retirement account loan: If you have a savings or employer-sponsored retirement account, you could take out some of that money to pay off your debts. The downsides are less funds for your retirement, and if you can’t repay the loan, you’ll owe penalties and taxes.

  5. Debt management plan: This option combines several debts into a single monthly payment at a lower interest rate than most credit cards or loans, but it typically includes startup and monthly fees, and it often takes three to five years to repay the debt.

Which lender is right for me?

NerdWallet has reviewed more than 35 lenders to help you choose one that’s right for you. Below is a list of lenders that offer standout debt consolidation loans.

Personal loans from our partners

Lending Club logo
Check Rate

on LendingClub

LendingClub

5.0

NerdWallet rating 
Lending Club logo

5.0

NerdWallet rating 
APR 
8.3-36.0% 

Loan amount 
$1,000 - $40,000 

Check Rate

on LendingClub

Happy Money logo
Check Rate

on Happy Money

Happy Money

4.5

NerdWallet rating 
Happy Money logo

4.5

NerdWallet rating 
APR 
7.99-29.99% 

Loan amount 
$5,000 - $40,000 

Check Rate

on Happy Money

PenFed Credit Union logo
Check Rate

on PenFed Credit Union

PenFed Credit Union

5.0

NerdWallet rating 
PenFed Credit Union logo

5.0

NerdWallet rating 
APR 
7.74-17.99% 

Loan amount 
$600 - $50,000 

Check Rate

on PenFed Credit Union

Upgrade logo
Check Rate

on Upgrade

Upgrade

5.0

NerdWallet rating 
Upgrade logo

5.0

NerdWallet rating 
APR 
8.49-35.97% 

Loan amount 
$1,000 - $50,000 

Check Rate

on Upgrade

Upstart logo
Check Rate

on Upstart

Upstart

4.5

NerdWallet rating 
Upstart logo

4.5

NerdWallet rating 
APR 
6.5-35.99% 

Loan amount 
$1,000 - $50,000 

Check Rate

on Upstart

Lightstream logo
Check Rate

on LightStream

LightStream

5.0

NerdWallet rating 
Lightstream logo

5.0

NerdWallet rating 
APR 
6.99-23.99% 

Loan amount 
$5,000 - $100,000 

Check Rate

on LightStream

Frequently asked questions

You can consolidate all your debts into one payment using a balance transfer card or a debt consolidation loan.

You may see a temporary dip in your credit scores after applying for a debt consolidation loan because lenders require a hard credit pull. However, your credit scores should rebound if you make on-time payments and avoid running up new debt.

Interest rates on mainstream debt consolidation loans typically range from 6% to 36%. You must have strong credit to qualify for rates at the low end of that range.

You can use your credit cards after debt consolidation; however, it’s best to use them sparingly and pay off balances in full to avoid paying interest and running up more debt.

Get more smart money moves – straight to your inbox
Sign up and we’ll send you Nerdy articles about the money topics that matter most to you along with other ways to help you get more from your money.