Debt Consolidation Calculator

Calculate savings, compare repayment strategies, and generate detailed PDF reports.

New Features: Compare debt repayment strategies (Avalanche vs Snowball), generate PDF reports, and view detailed visualizations.

Current Debts

Enter each of your current debts including credit cards, personal loans, etc.

1 Credit Card
$
%
$
2 Personal Loan
$
%
$
3 Auto Loan
$
%
$
Credit Card Example
Personal Loan Example
Auto Loan Example
Student Loan Example
$
Additional amount you can pay each month to accelerate debt payoff
$
Maximum monthly payment you can afford

Consolidation Loan Options

Select a consolidation loan option to compare with your current debts

Excellent Credit
7.5% APR
5 year term
Best rates for credit scores 720+
Good Credit
10.5% APR
5 year term
For credit scores 680-719
Fair Credit
15.0% APR
5 year term
For credit scores 640-679
Custom Loan
Customize
Flexible term
Set your own rate and term
$
One-time fees for the consolidation loan
Select your preferred debt repayment strategy

Understanding Debt Consolidation & Repayment Strategies

Debt Repayment Strategies

1
Avalanche Method

Prioritize debts with the highest interest rates first. This method minimizes the total interest you'll pay over time.

  • Best for: Saving the most money
  • Mathematical advantage: Reduces high-interest debt fastest
  • Drawback: May take longer to see first debt eliminated
2
Snowball Method

Prioritize debts with the smallest balances first. This method provides psychological wins and momentum.

  • Best for: Motivation and quick wins
  • Psychological advantage: Early successes build confidence
  • Drawback: May pay more interest overall
3
Debt Consolidation

Combine multiple debts into a single loan with a lower interest rate and one monthly payment.

  • Best for: Simplifying finances and reducing interest
  • Advantage: Lower monthly payments and interest rates
  • Consideration: Requires good credit for best rates

How Debt Consolidation Works:

  1. You take out a new loan (personal loan, home equity loan, or balance transfer credit card)
  2. Use the loan proceeds to pay off your existing debts
  3. Make a single monthly payment on the new consolidation loan

Frequently Asked Questions

The Avalanche method saves more money in interest, while the Snowball method provides psychological wins that help maintain motivation. Avalanche is mathematically optimal, but Snowball may be more effective for people who need motivation to stick with their debt repayment plan.

Yes, the PDF report includes all your debt information, consolidation options, strategy comparisons, and visualizations. It's designed to be shared with financial professionals to help them understand your situation and provide personalized advice.