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Debt Consolidation Calculator: Simplify Your Repayments

The Debt Consolidation Calculator shows how long it will take to repay your combined balances and how much you’ll pay in total based on your total debt, average interest rate, and monthly payment. Use it to budget confidently, compare scenarios, and visualize the path to becoming debt-free.

1) What the Debt Consolidation Calculator Does

This tool estimates the time to payoff and total repayment when multiple debts are rolled into one plan. It applies your average APR to a single balance and models repayment with a fixed monthly payment (no new charges or fees).

2) Inputs

Input Description
Total Debt Amount The sum of all unsecured debts you plan to consolidate.
Average Interest Rate (%) The weighted average APR across those debts (annual percentage rate).
Monthly Payment ($) The fixed amount you can commit each month toward repayment.

3) How It Works (Formula)

Months to payoff with a fixed monthly payment M:

n = -ln(1 - r·P / M) / ln(1 + r)

  • P = total debt (principal)
  • r = monthly rate = APR ÷ 12
  • M = monthly payment
  • n = number of months to repay

Totals: Total Interest = M·n − P   |   Total Repayment = P + Total Interest

Important: Repayment isn’t possible if M ≤ r·P (your payment doesn’t cover monthly interest). Increase M above r·P to begin reducing principal.

4) Outputs

Output What It Means
Total Repayment Amount All payments over the plan (principal + interest).
Time to Pay Off Months (and years) required to reach a zero balance.
Total Interest Paid Total borrowing cost across the payoff period.

5) Practical Use Cases

  • Budget planning: Choose a payment that fits your cash flow and target date.
  • Rate comparison: Test how a lower APR from consolidation affects interest and timing.
  • Acceleration: See savings from increasing your monthly payment.
  • Simplification: Replace multiple due dates with one predictable payment.

6) FAQ

What is debt consolidation?
Combining multiple debts—such as credit cards and personal loans—into one new loan, typically at a lower APR, to simplify payments and reduce total interest.
Does consolidating debt affect my credit score?
You might see a small initial dip from a hard inquiry. Over time, on-time payments and lower utilization can help your score.
Should I consolidate all my debts?
It’s usually beneficial when the consolidation APR (plus any fees) is meaningfully lower than your current weighted average APR.
Can I include credit card and personal loan balances?
Yes—most consolidation loans can combine unsecured debts like credit cards, medical bills, and personal loans.

Try the Calculator


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