Debt Consolidation Calculator
Calculate how much you can save by consolidating multiple high-interest debts into one lower-interest loan.
Your Current Debts
Add all your high-interest debts (credit cards, personal loans, etc.)
Debt 1 - Credit Card
Debt Name
Current Balance
₹50,000
₹
Interest Rate
18%
%
Monthly Payment
₹3,000
₹
Debt 2 - Personal Loan
Debt Name
Current Balance
₹1,00,000
₹
Interest Rate
14%
%
Monthly Payment
₹7,000
₹
Consolidation Loan
Consolidation Loan Interest Rate
12%
%
Consolidation Loan Term
3 years
years
Monthly Savings
₹2,150
Total Savings
₹77,400
Time Saved
14 months
Before vs After Consolidation
Current Situation
Total Monthly Payment
₹10,000
Total Interest to Pay
₹1,24,600
Time to Payoff
4.2 years
Weighted Interest Rate
15.3%
After Consolidation
New Monthly Payment
₹7,850
Total Interest to Pay
₹47,200
Time to Payoff
3 years
Consolidation Loan Rate
12%
Debt Breakdown
| Debt Name | Balance | Interest Rate | Monthly Payment | Time to Payoff |
|---|
Recommendations
About Debt Consolidation
Debt consolidation combines multiple high-interest debts into a single loan with a lower interest rate, making it easier to manage your finances and save money on interest payments.
Benefits of Debt Consolidation
- Lower Monthly Payments: Reduce your total monthly payment amount
- Lower Interest Rate: Save money on interest charges
- Simplified Payments: Make one payment instead of multiple payments
- Faster Payoff: Pay off debt faster with focused repayment
- Improved Credit Score: Reduce credit utilization and make timely payments