Loan Consolidation Calculator

Interested in consolidating some of your debt? Use this calculator to find out what your new monthly payment would be and how much interest you would pay in total on your new loan.
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A complete amortization table is available by clicking the Show Payment Schedule button below the graph.  It displays a complete breakdown of the balance, amount paid, interest, and principal per payment.

Are you interested in refinancing a single loan? Check out our Loan Refinance Calculator.

Field Summary:

  • Current Loans - start by entering the following details for each of the loans you want to roll into the new loan.
    • Balance - the amount you own on this loan.
    • Payment - the minimum payment on this loan.
    • Interest Rate -  the interest rate the bank is charging you for this loan.
    • Click the Add Another Loan button to make a new line appear.
       
  • New Loan
    • Interest Rate - the interest rate the bank will charge you for your new loan.
    • Loan Term in Years - enter the number of years that the new loan will last. This calculator allows several options including a custom loan term.
    • Refinance Cost - what the bank will charge you to get into the new loan. This is common with mortgages and this amount will be added to the final balance.

 

Some things to consider when consolidating loans:

  • The best case scenario is to get a lower monthly payment and a lower interest rate!
  • However, a lower monthly payment may require opting for a longer term which can actually increase the total interest you will pay over the life of the loan.
  • Consider getting multiple quotes from different banks so they compete for your business and you get the best deal.

 

 

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To share this calculator by URL or embed it on your own website see the 'Share / Embed' button above next to the results bar after hitting Submit.

If you are interested in customizations or would like to embed our calculators in your site without our branding applied please contact us.

DISCLAIMER: This calculator is provided for educational purposes and should not be considered financial or investment advice. We have checked the equations and code used and we think they are right. However, we offer you no guarantee of accuracy. If you find a bug please let us know so we can fix it for you!
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