If you are juggling several credit cards or loans, it can be hard to see how much you are really paying each month. Debt consolidation rolls those balances into one personal loan with a single monthly payment, which can make your budget easier to manage and, depending on your rate, may lower what you pay each month.
Use the calculator below to estimate your numbers. Enter each debt you currently carry, then adjust the estimated rate and repayment term to see what one consolidated payment could look like. When you are ready, Fast Loan Advance can connect you with lenders who offer personal loans for debt consolidation, with amounts from $500 to $35,000.
Add your current debts
List each balance you want to combine, with its current interest rate.Tip: Your interest rate (APR) is usually printed on your monthly statement. If you are not sure, a rough estimate is fine.
Set your consolidation loan
Drag the sliders to try different rates and payoff lengths.Your estimate
Here is how one consolidated payment could compare.Estimates only. Fast Loan Advance connects borrowers with lenders and is not a lender. Loans range from $500 to $35,000 with APRs of 5.99% to 35.99% and repayment terms of 91 days to 72 months. Actual rates and terms depend on the lender and your qualifications. This tool does not guarantee approval, savings, or any specific loan offer.
What debt consolidation actually does
Debt consolidation means combining several debts, such as credit card balances and other loans, into a single new loan with one monthly payment. Instead of tracking several due dates and interest rates, you make one payment to one lender. The goal is usually to simplify your finances and, if the new loan carries a lower interest rate than your current debts, to reduce what you pay over time. The calculator above estimates both your new monthly payment and how it compares to what you are paying now.
Where the savings come from
Consolidation saves money mainly through a lower interest rate, not by stretching out your payments. To show this honestly, the calculator compares your current debts and a consolidation loan over the same payoff length, so the only thing that changes is the rate. If your new rate is lower than the average rate on your current balances, you pay less in total interest. If the rate is similar or higher, consolidation may still simplify your bills, but it will not lower your total cost.
When debt consolidation makes sense
- You carry balances on several credit cards or loans and want one predictable payment.
- Your current debts have high interest rates, and you may qualify for a lower rate.
- You want a fixed payoff date instead of open-ended minimum payments.
- You are confident you will not run the original balances back up after consolidating.
When it may not be the right move
Consolidation is not always the answer. If the rate you qualify for is not lower than what you pay now, the main benefit is simplicity rather than savings. Choosing a much longer term can lower your monthly payment but increase the total interest you pay, so it helps to look at the total cost, not just the monthly number. And if overspending is the underlying issue, a new loan treats the symptom rather than the cause. Pairing consolidation with a budget gives it the best chance to work.
How to use this debt consolidation calculator
Enter each balance you want to combine along with its current interest rate. Then set an estimated rate and a repayment term for the consolidation loan. The calculator shows your current total monthly payment, your new single payment, the total cost each way, and your estimated savings. Adjust the rate and term to see how each one changes the result. When you are ready, Fast Loan Advance can connect you with lenders who offer personal loans for debt consolidation from $500 to $35,000.