Current debts
- Estimated monthly payment
- $500.00
- Payoff time
- 4 yr 10 mo
- Total interest
- $8,149
- Total repayment cost
- $28,549
- Estimated payoff date
- July 2031
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Debt Consolidation Calculator
Compare current debt payoff against a consolidation loan on monthly payment, interest, fees, and total cost.
This is a hypothetical analysis. Saving creates a scenario and does not change My Debt Plan.
Current debts
Enter the balances you are comparing against a consolidation loan. This side models continuing required minimum payments on each debt.
Total current balance: $20,400
Combined minimum payments: $500.00 per month
Consolidation offer
Enter the APR, term, and fee assumptions for the proposed consolidation loan.
%
yr
$
Fee treatment
The $495 origination fee is added to the consolidated loan principal and amortized over the loan term.
Consolidation comparison
Compare current minimum-payment payoff against a fixed-rate consolidation loan using the assumptions above.
Current debts are modeled by continuing required minimum payments only, for a fixed $500/month budget with no extra payoff money beyond minimums.
Consolidation
- Estimated monthly payment
- $464.69
- Payoff time
- 5 yr
- Total interest
- $6,987
- Fees
- $495
- Total repayment cost
- $27,882
- Estimated payoff date
- September 2031
Difference
- Estimated monthly payment is $35 lower with consolidation.
- Current-debt payoff is 2 months sooner in this model.
- Consolidation modeled interest is $1,162 lower.
- Estimated total repayment cost is $667 lower with consolidation.
A lower monthly payment does not necessarily mean a lower total cost. A longer consolidation term can reduce the monthly payment while increasing total interest and total repayment cost. Review both the monthly payment and total cost before deciding whether consolidation fits your situation.
Want to model extra payments on current debts? Open the Debt Payoff Calculator.
What debt consolidation means in this calculator
Debt consolidation combines multiple balances into one installment loan in this model. You enter your current debts on one side and a proposed consolidation APR, term, and fee on the other.
This tool compares modeled outcomes — it does not determine approval, qualification, or whether consolidation is appropriate for your situation.
Monthly payment vs total borrowing cost
A consolidation loan can lower your monthly payment while increasing total interest if the term is longer. MuneyWise shows both dimensions so you can see whether a lower payment comes with higher total cost.
How current debts are modeled
The current-debt side assumes you continue required minimum payments with no extra payoff money unless you use another MuneyWise debt tool to explore accelerated payoff. The consolidation side uses a fixed-rate amortizing loan with your entered APR, term, and fee assumptions.
Debt Consolidation Calculator — Payment & Total Cost Comparison
Compare continuing current debt minimum payments against a proposed consolidation loan. See monthly payment, payoff timing, interest, fees, and total repayment cost in one planning view.
Common questions
- Does a lower monthly payment mean consolidation saves money?
- Not necessarily. A longer loan term can reduce the monthly payment while increasing total interest and total repayment cost. Compare both monthly payment and total cost in the results.
- How are origination fees treated?
- You can model the fee as financed into the loan principal or paid upfront. The calculator labels which treatment is being used so total repayment cost stays transparent.
- Is this a recommendation to consolidate?
- No. This is an estimate for comparison only. Approval, rates, fees, and suitability depend on lender terms and your full financial picture.