This Personal Debt Consolidation Calculator helps you see 1) your current monthly payment and payoff timeline, 2) potential scenarios if these balances are consolidated, 3) how to speed up the payment timeline effectively. To start, enter the information for all your open accounts, including credit cards, auto loans, and installment loans. Use detailed, accurate information to reflect the current balances, interest rates, and minimum payments that need to be met. If you continue paying multiple balances, the calculator shows the total amount you’re paying each month. These monthly costs can add up if you have more than two or three balances to pay off.

Next, look at the way a new consolidation loan can affect your monthly payment and the payment timeline. Enter the details of a potential loan, such as the total loan balance from consolidating the other debts, as well as the interest rate, payment, and term. When you click the “calculate” button, it shows a side-by-side comparison of your current debt repayment method with the option to consolidate the balances. Adjust the loan details, such as monthly payment and interest rates to find an effective, fast way to achieve financial freedom. As these numbers are adjusted, the graph shows how your monthly cash flow will be affected. It’s easy to see how optimized debt payments can have a huge difference on your timeline for paying off the balances.