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Debt Consolidation Calculator

Compare your current debt payments with a consolidated loan to see potential savings. Calculate monthly payment reductions, interest savings, and payoff timeline improvements.

Current Debts

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Consolidation Option

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Balance Transfer Options

Citi Double Cash® Card

Citibank

0% APR for 18 months 18.24% - 28.24% (Variable) APR after that
3% balance transfer fee (typical)
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Citi® Diamond Preferred® Card

Citibank

0% APR for 21 months on balance transfers 17.24% - 27.99% (Variable) APR after that
3% balance transfer fee (typical)
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Capital One Savor Cash Rewards Credit Card

Capital One

0% APR for 15 months 19.24% - 29.24% (Variable) APR after that
3% balance transfer fee (typical)
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Benefits of Debt Consolidation

Understand how consolidating your debt can improve your financial situation.

Lower Interest Rates

Consolidate high-interest credit card debt into a lower-rate loan, potentially saving thousands in interest charges over time.

Simplified Payments

Replace multiple monthly payments with a single, predictable payment, making it easier to manage your budget and avoid missed payments.

Faster Payoff

With lower interest rates and structured payment plans, you can pay off your debt faster and become debt-free sooner.

Frequently Asked Questions

Get answers to common questions about debt consolidation and how it works.

What is debt consolidation?

Debt consolidation is the process of combining multiple debts into a single new loan or credit account. This can simplify your payments and potentially reduce your overall interest rate, making it easier to pay off your debt.

What are the different types of debt consolidation?

Common types include personal loans, balance transfer credit cards, and home equity loans. Personal loans offer fixed rates and terms, balance transfers can provide 0% intro APR periods, and home equity loans typically offer the lowest rates but use your home as collateral.

Will debt consolidation hurt my credit score?

Initially, applying for new credit may cause a small temporary dip in your credit score. However, if consolidation helps you pay off debt faster and lower your credit utilization, it can improve your score over time.

What fees should I expect with debt consolidation?

Fees vary by option: personal loans may have origination fees (1-8%), balance transfers typically charge 3-5% of the transferred amount, and home equity loans may have closing costs. Always factor these into your calculations.

Is debt consolidation right for me?

Debt consolidation works best if you can qualify for a lower interest rate than your current debts, have steady income to make payments, and are committed to not accumulating new debt. Use our calculator to see if you'll save money.