Debt Consolidation Calculator - Purefy

Debt Consolidation Calculator

Personal loans can be used to consolidate your debt into a single loan with a new rate and term. See how much you can save by entering your loan information below.

Step 1: Enter Current Debt Information

Loan / Credit Card 1

Loan Balance
Your total debt to be repaid.
Interest Rate (APR)
The amount that the lender charges in interest, expressed as a percentage.
Current Monthly Payment
The amount you currently pay each month towards your existing debt
Add Loans or Credit Cards

Step 2: Enter New Loan Information

Interest Rate (APR)
Your new interest rate on your new loan
The length of time you have to pay your new loan in full

Add Additional Loans or Credit Cards

Insert additional Loans or Credit Cards

Step 3: See How Much You Can Save

Current Debt Personal Loan Savings
Monthly Payment $600 $483 $117
Lifetime Interest $5,400 $2,399 $3,001
Time to Payoff Debt 2 yrs 10 mos 3 yrs 2 mos

Want to compare personalized prequalified rate offers from top personal loan companies? We’ve partnered with Credible to help get your finances back on track with free rate comparisons — with no impact on your credit score.

FAQs – Debt Consolidation Calculator

Debt consolidation is one of the most common uses of personal loan. With a debt consolidation loan, you are combing your old debt (often your credit card balances) into a single loan, with a new rate and term.

If you have higher-interest credit card debt, paying off that debt with a low interest rate personal loan can save you a significant amount of interest and help you get out of debt much faster.

With this calculator, you can enter in your various debts, such as your current credit card balances, rates, and monthly payments to see the savings that are possible with debt consolidation. The calculator will combine your existing debts and compute a weighted average interest rate in order to see the savings you would get with a consolidation loan.

A debt consolidation calculator is the quickest and easiest way to see the impact that this type of personal loan can have on your monthly budget as well as accrued interest costs over time, all with just a few pieces of information. If you make more than the minimum payment on your credit cards, it can be hard to figure out how long it will take to pay off your balances, and how much you will actually pay in interest. This calculator will tell you that, as well as how that approach would compare to a debt consolidation loan.

Debt consolidation often results in a lower monthly payment and interest rate, where you’ll have both monthly savings, and interest savings throughout the life of the loan. Consolidating your debts also gives you a structured payment plan with a set end date and one consistent monthly payment, which can make paying off your debt easier to track and manage.

Debt consolidation loans also offer fixed rates, unlike credit cards and other types of debt that use variable rates. Fixed rates will not change over time, while variable rates (and your monthly payment) can go up or down depending on which way market rates are moving.

A side benefit of debt consolidation loans is that by lowering your credit utilization on your credit cards, you may also raise your credit score.

Debt consolidation loans are often used for credit card debt, but they can be used for many other debts, such as store cards, medical bills, payday loans, and even other personal loans. One of the advantages of personal loans used for this purpose, is that you can consolidate multiple different types of debt into one loan.

Most people who are looking for the best debt consolidation loan will choose the company offering the best interest rate on their preferred repayment term.

Purefy’s Compare Rates tool is an easy way to compare lenders and find the best debt consolidation loan for you. You will be presented with real, pre-qualified rates from a selection of quality, vetted lenders — all based on your specific details, credit score, and borrower profile. There are no teaser rates to worry about, and checking rates on Purefy has no impact on your credit score.

This lets you make an informed decision by comparing rates, terms, and monthly payments all in one easy chart.

By finding a solution with a lower interest rate, more of your payment goes toward the loan principal rather than interest — allowing you to save a significant amount of money.

To apply, visit Purefy’s Compare Rates tool, select the loan you are interested in, and click the apply button to be taken directly to that lender’s application. Most applications can be quickly completed in 15 minutes or less.

The lowest rates advertised by lenders are usually only available to borrowers with excellent credit who meet the lender’s other requirements. In general, the higher your credit score, the better chance you have at getting a lower rate. Factors such as income, debt-to-income ratio, and other criteria can also affect your rate.

The beauty of Purefy’s comparison tool is that we’ve taken the guesswork out of finding the best deal – simply enter your information to search a network of lenders and see which company will offer you the best rate.

Use Purefy’s Compare Rates tool to see student loan refinance offers from multiple top lenders — all in one place with one fast form. Quickly compare your interest rate and monthly payment options, as well as your lifetime interest savings, with no impact on your credit score.