Debt Consolidation Calculator 2026
Enter your current debts and a potential consolidation loan rate. See side-by-side totals to decide if consolidating saves you money.
Debt Consolidation Strategies Compared
Personal loan: Fixed rate, fixed term. Best for amounts over $5,000 where you need more than 21 months. Apply at credit unions first — they often have rates 2-5% lower than banks for members.
0% balance transfer card: No interest for 12-21 months. Best for under $15,000 if you can pay it off within the promo period. Transfer fee is typically 3-5% of the amount. After the promo period ends, the rate jumps to 20-30%+.
Home equity loan / HELOC: Lowest rates (prime + 0-2%), but your home is collateral. Best for large amounts ($20,000+) if you have equity. Risk: if you default, you lose your home.
Debt management plan (nonprofit): Credit counseling agencies can negotiate rates down to 5-9%. No loan needed — they handle payments. Takes 3-5 years. Won't hurt credit as much as settlement.