Debt Consolidation Calculator — How Much You Save

How to Use This Calculator

To calculate your potential savings: (1) Add up your total credit card and loan balances. (2) Find your average current APR across all accounts. (3) Compare to a consolidation loan rate based on your credit score.

Example: $22,000 in credit card debt at 23.4% APR. Consolidation at 16.9% over 48 months saves $4,820 in interest and reduces monthly payment by $180.

Consolidation Savings Formula

Monthly Interest Saved = (Current APR/12 × Balance) − (New APR/12 × Balance). Annualized Savings = Monthly Interest Saved × 12. Total Interest Savings Over Loan Term = (Current path total) − (Consolidation total).

When the Math Works Best

✓You're carrying 20%+ APR on credit cards
✓Your consolidation loan rate is at least 4% lower
✓You commit to not accumulating new card debt during repayment
✓Your loan term is 36–60 months (sweet spot for balance of interest and payment)

Check Your Rate at Rise Up Lending

Rise Up Lending offers debt consolidation loans from $200–$5,000 at 8.9%–27.9% APR. Pre-qualify in 60 seconds with a soft pull — no score impact. See your exact savings before you commit.

Elena Vasquez, CFP®

Chief Lending Officer · Rise Up Lending

Understanding Your Consolidation Numbers

Why the calculator result surprises most people: Credit card minimum payments are designed to maximize the interest you pay, not to get you out of debt. On a $10,000 balance at 24% APR paying only minimums, you will pay over $17,000 in interest and take 27 years to become debt-free. The same balance at 12% APR on a 5-year consolidation loan costs $3,347 in total interest — saving over $13,600 and eliminating the debt 22 years sooner.

The break-even point: If your consolidation loan has an origination fee, calculate the break-even — how many months until monthly savings exceed the fee paid. A $500 origination fee on a loan that saves $80 per month breaks even in 7 months. If you plan to hold the loan longer than that, consolidation wins even with the fee.

The behavioral side: After consolidating, close or freeze your credit cards — do not leave them open with zero balances and risk rebuilding the same debt. The most common consolidation failure is using freed-up card capacity to accumulate new debt while paying the consolidation loan simultaneously. Lock the cards, redirect the monthly savings to an emergency fund, and treat the consolidation as a one-time reset.

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