# Debt Consolidation Calculator

> Determine if consolidating your debts into a single loan can save you money on interest or lower your monthly payments.

Page: https://askcalculators.com/calculator/debt-consolidation-calculator/
Definition: https://askcalculators.com/calculator/debt-consolidation-calculator/definition.json
JSON Schema: https://askcalculators.com/calculator/debt-consolidation-calculator/schema.json
Version: 7.0.0
Maintained by: AskCalculators (software project; not a credentialed reviewer)
Qualified review: pending. Automated checks do not establish professional approval.
Page status: Live
Review status: Pending

## Use
Open the calculator page and enter values. Query-string parameters can restore and bookmark a calculation.
Example: https://askcalculators.com/calculator/debt-consolidation-calculator/?currentDebt=15000&currentPayment=450&currentRate=18&newRate=10&newTerm=3&fees=0

## Inputs
- currentDebt: Total Debt Amount; type=number; optional; default=15000
- currentPayment: Total Monthly Payment; type=number; optional; default=450
- currentRate: Avg Interest Rate (APR); type=number; optional; default=18
- newRate: New Interest Rate; type=number; optional; default=10
- newTerm: Loan Term (Years); type=number; optional; default=3
- fees: Loan Fees / Closing Costs; type=number; optional; default=0

## Outputs
- result: Result; format=text; primary

## Formula
The current plan is simulated month by month. The new payment is (debt + fees) ÷ n at zero interest, otherwise (debt + fees)·r ÷ [1 − (1+r)^(−n)]. Total borrowing costs and payoff months are compared.

## Rules
- Empty optional inputs are undefined, not zero.
- Hidden conditional inputs are ignored.
- Do not invent missing required inputs.