Debt Consolidation Calculator

Will consolidating my debts into one loan reduce my monthly payments or save me money?

When the typical debt-consolidation company advertises that they can “save you money,” what they are most often referring to is simply a reduction in your total monthly debt payments – not a savings in the cost of paying off your debt (interest charges). Sure, by consolidating your payments into a single loan, you might be paying one monthly payment that is smaller than the sum of your current monthly payments, but if they stretch your loan out for a longer period of time you could actually end up paying more interest by consolidating. This calculator will help you to determine whether or not consolidating will actually reduce the cost of retiring your debts.