Free Debt Consolidation Loan Calculator
See how a debt consolidation loan compares to your current payments. Enter your loan amount, interest rate, and desired term to calculate your new monthly payment and total cost.
James Russell— Senior Debt Relief SpecialistHow to Use This Calculator
- 1Enter your total debt you'd want to consolidate into one loan
- 2Enter the interest rate and term you expect to qualify for
- 3Compare the new monthly payment against what you're paying today
What This Is Useful For
- • Check whether a consolidation loan would actually lower your monthly payment
- • Estimate total interest paid over the life of the new loan
- • Decide if you need a better rate quote before applying
$582
New Monthly Payment
$34,902
Total Paid on Loan
$9,902
Total Interest on Loan
$318
Est. Monthly Savings
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consolidation qualification requirements and consolidation vs. settlement.
This calculator provides estimates only. It is not a loan offer, pre-approval, or guarantee of savings. Actual rates, terms, and savings depend on your credit profile and lender approval.
Pros of Debt Consolidation
- ✓ Single monthly payment
- ✓ Potentially lower interest rate
- ✓ Preserves credit score
- ✓ Fixed payoff date
- ✓ No creditor negotiations required
Cons of Debt Consolidation
- ✗ Requires good credit for best rates
- ✗ Does not reduce principal owed
- ✗ May extend repayment timeline
- ✗ Origination fees (typically 1–8%)
Frequently Asked Questions
What is a debt consolidation loan?
A debt consolidation loan combines multiple debts into a single loan with one monthly payment, ideally at a lower interest rate than your current debts. This simplifies repayment and can reduce the total interest you pay.
What credit score do I need for a debt consolidation loan?
Most lenders prefer a credit score of 620 or higher, though the best rates typically require 700+. Some lenders work with borrowers with lower scores at higher interest rates.
Is debt consolidation better than debt settlement?
It depends on your situation. Consolidation preserves your credit score and works best for those who can manage monthly payments. Settlement reduces total debt owed but impacts credit. Use our calculators to compare both scenarios.
How long does a consolidation loan take to pay off?
Personal consolidation loans typically range from 24 to 84 months (2–7 years). Shorter terms mean higher payments but less interest. Longer terms lower your payment but increase total interest paid.