Debt Consolidation Calculator – NerdWallet


The debt consolidation calculator below can help you decide if consolidation is right for you. The calculator will suggest the best way to consolidate your debt and estimate your savings with a debt consolidation loan.

You can also based on your credit score.

Step 1: Enter the balances, interest rates, and monthly payments you currently make for your unsecured debt, such as credit cards, personal loans, and payday loans.

Do not include secured debt such as car loans or low rate student loans here. There are better ways to manage these debts. (Learn more about and .)

Click “I’m done” and look at the calculator results, based on the numbers you entered:

2nd step: Choose your credit score range to see your debt consolidation options, including personal loans. You will see typical ranges offered by lenders, as well as alternative options for bad credit.

Lenders who offer direct payment to creditors send your loan proceeds directly to your creditors, simplifying the debt repayment process.

Drag the sliders below the table to enter an estimated rate and your desired loan term (in years) for the new loan.

Step 3: Look at the comparison between your current debts and the new debt consolidation loan.

Debt consolidation really makes sense when your new total payment is less than your current total payment and you save interest charges.

consolidates your existing debts into one, ideally with a lower interest rate and shorter repayment term, saving you money and time until repayment. This is often accomplished with a , but there are other ways to consolidate debt depending on your particular situation.

NerdWallet has reviewed over 30 lenders to help you choose the right one for you. Below is a list of lenders that stand out .

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