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Does a loan save me?

Debt consolidation loan calculator: does a loan save money?

Compare a consolidation loan with keeping your current plan, including the origination fee and the loan term.

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How this works

  • Your current plan pays the same monthly budget as today, highest rate first.
  • Origination fees usually come out of the loan, so you borrow a bit more to pay everything off.
  • The loan payment is a standard fixed-payment amortization over the term.
  • It compares total paid, so a lower monthly payment that costs more overall is called out.

Sources

  1. CFPB: consolidating debt (consumerfinance.gov)

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Common questions

Does a debt consolidation loan save money?

Only if the loan's rate, fees and term cost less in total than paying your debts the way you do now. A longer term can lower the monthly payment while costing more overall, and this calculator calls that out.

How does an origination fee change the math?

Origination fees usually come out of the loan, so you borrow a bit more to pay everything off. The calculator sizes the loan to cover the fee before it compares total cost.

What does the calculator compare the loan against?

Your current plan: the same monthly budget you pay today, applied to the highest rate first.

Is the information I enter saved or sent anywhere?

No sign-up is needed. Your numbers are saved only in this browser, and the other tools on the site reuse them.