Total your debts and see the combined monthly payment and weighted rate.
Please do not make financial decisions based on these results.
What is the Debt Calculator?
Total your debts and see the combined monthly payment and weighted rate. To use the Debt Calculator, enter credit cards, card rate, car loan, car rate, student loans, student rate; it returns total debt, weighted average rate, interest per year, and shows them instantly as you type.
Paying debt down
Extra payments shorten a loan and cut interest. Use the repayment calculator for one loan and the debt payoff calculator when you owe several. Credit cards are a special case; see the credit card payoff calculator.
Choosing the right loan
Compare the total cost, not only the payment. The debt consolidation calculator tests whether one new loan beats several old ones, and the student loan calculator and personal loan calculator cover those specific products.
How to use the Debt Calculator
- Enter your numbers. The inputs are Credit cards ($), Card rate (%), Car loan ($), Car rate (%), Student loans ($), Student rate (%). Take the rate and term from your loan offer. Fees and the rate type change the result. Fields marked optional can stay at zero.
- Read the result. The highlighted box gives the Total debt, and the cards below show Weighted average rate, Interest per year. Tables and charts break it down further.
- Test other scenarios. Results update as you type. Change one value at a time to see what drives the answer, and press Reset to go back to the defaults.
Formula and how it works
Example with real numbers
Here is the Debt Calculator using the default values shown in the calculator above:
Inputs
| Credit cards ($) | 8,000 |
|---|---|
| Card rate (%) | 22 |
| Car loan ($) | 14,000 |
| Car rate (%) | 7 |
| Student loans ($) | 22,000 |
| Student rate (%) | 5.5 |
Results
| Total debt | $44,000.00 |
|---|---|
| Weighted average rate | 8.98% |
| Interest per year | $3,950.00 |
With these inputs the calculator returns Total debt: $44,000.00. Change any value in the calculator to see how the result moves.
What if you change one input?
Sensitivity check: raising Credit cards ($) from 8,000 to 9,600 (about 20% higher) and leaving everything else as in the example above changes the results like this:
| Result | Example | After the change | Change |
|---|---|---|---|
| Total debt | $44,000.00 | $45,600.00 | +3.6% |
| Weighted average rate | 8.98% | 9.43% | +5.1% |
| Interest per year | $3,950.00 | $4,302.00 | +8.9% |
The input that moves the result most is the one to check twice. Change it in the calculator above to test your own case.
What the results tell you
The results panel of the Debt Calculator reports Total debt, weighted average rate and interest per year. Compare these figures while changing one input at a time, and use the related calculators below to look at the same situation from another angle.
Method and limits. This calculator applies the formula in the section above to your inputs, in your browser; nothing you enter is stored on our servers. Your lender’s offer is the final word: fees, rate type and rounding differ between lenders. It is for information, not financial, tax or legal advice.
Frequently asked questions
What should I pay off first?
Typically the highest-interest debt, while paying minimums on the rest.
Can I enter the term in years and months?
Yes. Enter years and months together, for example 6 years and 2 months.
What is APR and why does it matter?
APR is the yearly cost of a loan including fees. Use it, rather than the interest rate alone, to compare offers.
Are the results guaranteed?
No. Results depend entirely on the numbers you enter and the formulas shown on this page. Please do not make financial decisions based on them alone; confirm important figures with a licensed professional.
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