Debt Consolidation Calculator

Lower Payment
Pay Off Sooner
Homeowner
Renter
/mo
Select debts to consolidate:
Credit Card
Student Loan
Auto Loan
Home Equity
Other Debt
Cash Back
Total Debt:$0
Current Payments:$0

01Refinance

years
Total Debt:$0
Mortgage Balance:$0
Previous Payment:$0
New Mortgage:$0
New Payment:$0

Estimated Monthly Savings

$0

If you refinance your debts into a new mortgage loan, keep in mind you are likely extending the repayment of your shorter term debt for as much as 30 years. Homeowners who choose to refinance believe the payment savings and immediate impact that has on their livelihood outweighs the potential long-term costs, especially if they don't plan to have the home for 30 years.

02Home Equity

years
Total Debt:$0
Previous Payment:$0
New Loan:$0
New Payment:$0

Estimated Monthly Savings

$0

03Personal Loan

years
Total Debt:$0
Previous Payments:$0
New Loan:$0
New Payment:$0

Estimated Savings

$0

$0Refinance
$0Home Equity
$0Personal
A low payment begins with a low rate.Compare interest rates from multiple lenders.

Based on your inputs, consider the following options:

What is debt consolidation?

Debt consolidation definition:

The practice of eliminating multiple debt payments by obtaining a new loan with a single monthly payment to pay off existing accounts.

How does debt consolidation work?

The concept of consolidating debt is simple. Accumulating credit card, department store, and other revolving debt is common. Difficulty paying it off is also common. The high interest rates and low minimum payments typically associated with credit cards make eliminating those balances frustrating. By pooling that debt into a new loan with a single monthly payment, the debt becomes manageable, with a defined monthly payment and termination date.