Compare your current debt payments to a single consolidated loan. See monthly savings and total interest reduction from consolidation.
Personal loan rates — updated April 2026
| Lender | Rate | APR | Est. Payment | Action |
|---|---|---|---|---|
Fast Fund LendingBest Rate | 7.990% | 8.500% | $416/mo | Check Rate |
Direct Lender Plus | 8.490% | 9.000% | $422/mo | Check Rate |
Personal Loans Co | 9.490% | 10.100% | $434/mo | Check Rate |
Credit Builder Loan | 10.990% | 11.500% | $449/mo | Check Rate |
Rates shown are for illustrative purposes. Actual rates may vary based on credit score, loan amount, down payment, and market conditions. Contact lenders directly for personalized rate quotes.
Debt consolidation combines multiple high-interest debts into a single loan with one monthly payment, ideally at a lower interest rate. This calculator compares your current total payments against a consolidated loan to show how much you could save in interest and how much faster you could become debt-free.
The Debt Consolidation Calculator compares the cost of maintaining multiple debts versus consolidating them into a single loan. It calculates the total monthly payment and total interest under the current scenario (multiple debts at their respective rates) versus a consolidated loan with a new rate and term. The methodology assumes the same total debt amount is being compared and calculates the weighted average interest rate for the current scenario. This calculator helps determine whether consolidation is beneficial by showing monthly payment differences and total interest savings or costs. It accounts for the fact that extending the loan term during consolidation may reduce monthly payments but increase total interest paid over time. The calculator is valuable for evaluating balance transfer credit card offers, personal loan consolidation options, and home equity refinancing for debt consolidation. It does not account for balance transfer fees, origination costs, or the impact of closing old accounts.
Result: Current Monthly Payment: ~$584. New Monthly Payment: $507. Monthly Savings: $77. Total Interest Savings: $4,620.
Understanding how to use financial calculators effectively requires knowing the underlying concepts. The debt consolidation involves several key financial principles that affect your results.
Our calculator uses industry-standard formulas verified by certified financial professionals. The inputs you provide are processed entirely in your browser — we never store or transmit your financial data. Results update in real time as you adjust values, allowing you to explore different scenarios quickly.
For the most accurate results, use current figures from your most recent financial statements. If you are unsure about a specific input, our default values represent national averages based on data from the Federal Reserve, IRS, and Bureau of Labor Statistics.
Remember that calculator results are estimates for educational purposes. Your actual financial situation may differ based on factors like your credit score, specific lender terms, local regulations, and market conditions. We recommend consulting with a qualified financial professional before making major financial decisions.
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Results are estimates only and not financial advice. Calculator logic verified by David Park, CFA. Full disclaimer · Methodology