WiseCalc

Debt consolidation calculator

Compare a fixed-payment current debt with a new loan that finances an entered fee.

USD
%
months
USD
%
%

Current debt model

Monthly payment
$700.00
Payoff time (months)
55
Total interest
$13,304.02
Total of monthly payments
$38,304.02
Final installment
$504.02

New loan model

Monthly payment
$653.09
Payoff time (months)
48
Total interest
$5,598.15
Total of monthly payments
$31,348.15
Final installment
$653.09
Financed fee
$750.00
Starting loan balance
$25,750.00
Current payment minus new payment
$46.91
Current cost minus new cost
$6,955.87
A positive difference means lower modeled cost; a negative difference means higher modeled cost.

Loan balance over modeled months

  • Current debt model
  • New loan model

Free Debt Payoff Plan Template

A debt payoff plan works better when you can actually see it. This free debt payoff plan template helps you list each balance, track interest rates, plan monthly payments, and estimate when you could become debt-free.

Calculation assumptions

All amounts are in USD. The fixed nominal annual interest rate is divided by 12, with equal payments at the end of each month; the first payment is one month after borrowing. This input is not an APR. Totals use unrounded payments; lender rounding and daily interest can differ. Taxes, insurance, late fees and variable rates are excluded.

Current debts are treated as one balance, one entered nominal rate and one fixed payment, for at most 600 months. The fee is added to the new starting balance and accrues interest. Comparison uses complete undiscounted interest plus the financed fee, excluding other charges and time-value adjustments. Lower monthly payments do not establish lower total cost, eligibility or guaranteed savings. This is not a federal Direct Consolidation Loan calculation.

Loan references

CFPB: considering debt consolidation

Calculation assumptions

All amounts are in USD. The fixed nominal annual interest rate is divided by 12, with equal payments at the end of each month; the first payment is one month after borrowing. This input is not an APR. Totals use unrounded payments; lender rounding and daily interest can differ. Taxes, insurance, late fees and variable rates are excluded.

Current debts are treated as one balance, one entered nominal rate and one fixed payment, for at most 600 months. The fee is added to the new starting balance and accrues interest. Comparison uses complete undiscounted interest plus the financed fee, excluding other charges and time-value adjustments. Lower monthly payments do not establish lower total cost, eligibility or guaranteed savings. This is not a federal Direct Consolidation Loan calculation.

Loan references

CFPB: https://www.consumerfinance.gov/ask-cfpb/what-do-i-need-to-know-if-im-thinking-about-consolidating-my-credit-card-debt-en-1861/

How to use this calculator

  1. Loan amount (USD)
  2. Nominal annual interest rate (%)
  3. Number of monthly payments
  4. Financed fee (% of original debt)

Frequently Asked Questions