Debt Consolidation Calculator
Compare monthly payments and total interest before and after debt consolidation.
Debt Consolidation Calculator
Compare monthly payments and total interest before and after debt consolidation.
Debt Payoff Formula
ℹ️ Total interest = (PMT × n) – P. Your payment must exceed the monthly interest charge.
Disclaimer
Results provided by this calculator are for informational and educational purposes only. They are based on the values you enter and standard formulas, and should not be considered financial, medical, legal, or professional advice. Always consult a qualified professional before making important decisions based on these results. Roughtools makes no warranties regarding the accuracy or completeness of these calculations for your specific situation.
Frequently Asked Questions
Pro Tips
Pay off the highest interest rate debt first (avalanche method) to minimise total interest paid mathematically. But the snowball method (lowest balance first) works better psychologically for many people.
If your payment doesn't exceed the monthly interest charge, your balance grows forever. Run this calculator first to ensure your payment is sufficient before committing.
Balance transfer cards with 0% introductory APR can save hundreds if you can pay off the balance within the promotional period — but read the fine print on fees and reversion rates.
An extra $100/month toward a $10,000 credit card at 19.9% APR reduces payoff time from 10+ years to under 5 years and saves over $6,000 in interest.
When to Use This Calculator
See exactly how long it takes to pay off credit card debt at your current payment — motivation to pay more.
Calculate payoff timelines for multiple debts to prioritise by interest rate and minimise total interest.
See how much time and money an extra $50–200/month saves to motivate accelerated payoff.
Compare payoff at current rate vs 0% promotional rate to decide if a balance transfer makes financial sense.
Calculate how long minimum payments take — and how much interest you'll pay — on any debt balance.
About the Debt Consolidation Calculator
This debt consolidation calculator compares your current total monthly payments and interest across multiple debts against a single consolidation loan, showing whether consolidation saves money or costs more in the long run. Enter each debt's balance, rate, and minimum payment alongside the consolidation loan offer to get a clear side-by-side comparison. Built for people juggling multiple high-interest debts who want a simplified payoff path.
How to Use the Debt Consolidation Calculator
- 1
Enter each current debt: balance, interest rate, and minimum monthly payment.
- 2
Enter the proposed consolidation loan amount (total of all debts).
- 3
Enter the consolidation loan interest rate and repayment term.
- 4
Compare total monthly payment, total interest, and payoff timeline side by side.
- 5
Use results to decide if consolidation offers a net financial benefit.
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