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Debt Consolidation Loan Calculator

See options for consolidating debt and estimate your savings with a debt consolidation loan.
March 4, 2020
Loans, Personal Loans
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Use our debt consolidation calculator to see your options for consolidating debt and to estimate your savings with a debt consolidation loan. You can also compare loan options based on your credit score.

Debt consolidation — rolling multiple unsecured debts into a single payment — can be a useful strategy when you want to simplify payments toward your debt. Ideally, consolidating debt also lowers your interest costs and helps you get out of debt faster.

Debt consolidation calculator

Readers also ask

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.

» MORE: How debt consolidation can affect your credit

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.

» MORE: Current debt consolidation loan interest rates

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.

» MORE: 4 keys to successful debt consolidation

How to use the debt consolidation calculator

Enter the balances, interest rates and monthly payments you currently make toward your unsecured debts, such as credit cards, personal loans and payday loans.

Do not enter secured debts such as car loans or low-rate student loans because there are better ways to manage those debts. (Learn more about auto refinancing and student loan refinance options.)

Step 1: This shows the following results, based on the figures you entered:

Total balance: The sum of all your debts.

Combined interest rate: Your average weighted interest rate for all entered debts.

Current total payment: The full amount you have to pay back, including interest.

When you’ll be debt free: Based on your current balance and monthly payments, how long it’ll take you to be free of debt.

Step 2: Select your credit score range to see your debt consolidation options, including personal loans. You’ll see typical annual percentage rate ranges offered by lenders and alternative options for bad credit.

Lenders that offer direct payment to creditors send your loan proceeds directly to your creditors, simplifying the debt pay off process.

Use the sliders below the table to enter an estimated rate and the loan term you want (in years) for the new loan.

Step 3: You’ll see a 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 interest costs.

Which lender is right for me?

NerdWallet has reviewed more than 25 lenders to help you compare and choose one that’s right for you. Below is a list of some of our most popular reviews of lenders for debt consolidation. See our picks for best debt consolidation loans.

  • Best for fair credit and paying off credit card debt: Payoff
  • Best for good credit and no fees: Marcus by Goldman Sachs
  • Best for good credit and low rates: LightStream
  • Best for fair credit and direct payment to creditors: Upgrade
  • Best for bad credit and fast funding: Avant
  • Best for good credit and flexible payment options: Discover

Other personal loan calculators

Debt-to-income ratio calculator: This calculator shows how your debt compares to your income. The ratio is one factor used by lenders to determine whether you can repay a loan.

Personal loan calculator: Use this calculator to see estimated rates and payments for a personal loan, and compare options based on your credit score.

Refinance a personal loan calculator: See whether refinancing an existing personal loan makes sense for you.

Debt repayment calculator: Find out how much faster you can pay off your debt.