Add your existing debts and a consolidation loan's rate and term to see whether combining them actually lowers your monthly payment.
How to Use the Debt Consolidation Calculator
List your existing debts — balance, APR, and current monthly payment for each — then enter the rate and term you'd get on a consolidation loan. The calculator adds up what you're paying now and weighs it against a single loan covering the combined balance.
The "Current Weighted-Average Rate" figure isn't a simple average of the APRs — a large balance at a high rate pulls the blended number up more than a small balance at the same rate would, since it accounts for how much of the total debt actually sits at each rate.
Weighted-Average Rate = Σ(Balance × APR) ÷ Σ(Balance)
New Payment = Balance × [r(1+r)ⁿ] ÷ [(1+r)ⁿ − 1]r is the consolidation loan's monthly rate and n its term in months. Whether consolidating actually saves money comes down to one comparison: is the new rate meaningfully below the weighted-average rate you're currently paying? Roll up mostly high-APR credit cards and a mid-single-digit personal loan or home-equity line can cut the blended rate dramatically. Consolidate a mix that's already mostly low-rate — an auto loan, a 0% medical bill — and a new loan at a "normal" personal-loan rate can just as easily raise your average rate instead of lowering it.
Stretching the term is the other lever, and it cuts both ways: a longer term lowers the new monthly payment even at the same rate, which is where "Monthly Difference" can look like savings larger than the interest math alone would justify — the loan can still cost more in total interest over its full life even while cutting the payment you see every month. This tool compares the monthly numbers only, not total interest over each option's life, so a longer term's hidden cost is worth checking separately before signing anything.