Debt Consolidation Calculator
Compare a list of existing debts (balance and APR each) against a single new consolidated loan. Get the blended current APR, current monthly interest, and the consolidated loan's monthly payment, total interest and total paid.
Input
One debt per line as "balance, APR" — e.g. 5000, 22.99
Used only to estimate what you're likely paying today, since real minimum-payment formulas vary by issuer.
Output
| Metric | Value |
|---|---|
| No data yet | |
Guides
What this calculator does
List out your existing debts — a credit card, a personal loan, any number of balances each with their own APR — and this calculator rolls them into a single new consolidated loan. It reports what you're likely paying today (blended APR, monthly interest, an estimated minimum payment) side by side with what the new loan would cost: its monthly payment, total interest, and total paid over the term, plus how much the monthly payment and interest rate actually change.
How it's calculated
Current debts. Each line you enter contributes its balance and APR. The totals are:
- Total Balance — the sum of every balance.
- Weighted Current APR — each debt's APR weighted by its share of the total balance, so a large high-rate balance moves the blended number more than a small one.
- Current Monthly Interest — the sum of
balance x APR / 100 / 12across every debt, i.e. what accrues in interest this month if nothing were paid down. - Estimated Current Minimum Payment —
balance x (assumed % / 100)per debt, summed. Real issuer minimum-payment formulas vary (some use a flat percentage, others a "2% of balance or $25, whichever is greater" floor), so this is a deliberately simple, adjustable estimate rather than a guarantee.
Consolidated loan. The combined balance is run through the standard loan amortization formula at the new APR and term:
M = P x [r(1 + r)^n] / [(1 + r)^n - 1]
Where P is the total balance, r is the new monthly rate (APR / 100 / 12),
and n is the term in months. Total interest is M x n - P. A 0% new APR uses
the non-compounding special case, M = P / n.
How to use this tool
- Enter each debt on its own line as balance, APR — e.g.
5000, 22.99. - Enter the New Consolidated Loan APR you'd be offered.
- Enter the Consolidation Loan Term in months.
- Optionally adjust the Assumed Current Minimum Payment percentage if you know your issuers' actual formula.
The summary table updates instantly as you edit any field.
FAQ
Does a lower APR always mean a lower monthly payment? No — a longer term can raise the monthly payment even at a lower APR if the combined balance is much larger than your current minimum payments (which are often calculated as a small percentage of each balance). Compare "Monthly Payment Change" and "Consolidated Total Interest" together, not the APR alone.
Can I use this for a single debt instead of consolidating multiple? Yes — enter one line. In that case it behaves like a straightforward loan comparison between the current APR and a proposed new one. For a term loan with an extra-payment payoff scenario instead, see the Debt Repayment Calculator.
Why is my "Estimated Current Minimum Payment" different from my real
statement?
It's a simplified % of balance model, since actual formulas differ by
issuer and card type. Adjust the percentage field to match your issuer's
disclosed minimum-payment rate for a closer estimate.
Privacy
All calculations run entirely in your browser. Nothing you enter — debts, balances or rates — is sent to a server or stored anywhere.
Use it from code
From 3 credits per callREST API
curl -X POST https://api.iotools.cloud/v1/tool/debt-consolidation-calculator \
-H "Authorization: Bearer YOUR_API_KEY" \
-H "Content-Type: application/json" \
-d '{
"debts": "5000, 22.99\n3200, 18.90\n1800, 24.99",
"newApr": "12",
"termMonths": "24",
"minPaymentPercent": "2.5"
}'Swap in your own key from your account. The tool's fields are the body — no wrapper.
Ask an AI agent
Use the IOTools `debt-consolidation-calculator` tool (Debt Consolidation Calculator) on this input:
YOUR_INPUT_HEREPaste this at any agent connected to the IOTools MCP server, then add your input.