Debt consolidation calculator
Whether it’s student loans, hospital bills or credit card debt, consolidating multiple bills with varying interest rates can quickly become frustrating. The calculator will automatically show you how you can get those debts under control with a home equity line of credit (HELOC), personal loan1 or mortgage refinance2 and pursue your financial goals.
Learn if debt consolidation is right for you
Calculate how much you could save3 by refinancing your home and consolidating high-interest debt into a new mortgage.
How to calculate your debt
Calculating your debt is simple.
First, enter details about your property, including an estimate of your home’s value, mortgage balance, credit score and monthly payment.
Then enter details about your current debts, including the types of debts, approximate balances, interest rates and minimum monthly payments.
You can also include rent, auto, student and personal loans, and any judgments like alimony or child support. Do not include bills such as utilities, groceries or fuel.
Debt consolidation calculator FAQ
Whether you’re buying a home or refinancing, there’s never been a better time to lock in a lower rate.
Debt consolidation is a step borrowers who face various payments with higher interest rates that could take years to pay off can take for some relief. A HELOC, personal loan or cash-out refinance4 with a lower interest rate could replace those higher-interest debts and help you work toward your long-term financial goals.
Debt can stand in the way of your financial goals, so reducing debt with a single loan or line of credit could free up resources to focus on your financial future.
If you’re struggling with debt that you cannot seem to get out from under, consolidation could offer relief by providing you with consistent payments and an exact end date.
Consolidating your debts allows for predictable budgeting and lower monthly expenses, but it does not mean your credit score will take a hit. In fact, it could help to raise your credit score in the long run.
Whichever plan you choose, a hard inquiry that a lender requests to check your credit report can temporarily drop your score.
For this reason, it’s a good idea to limit hard inquiries on your credit report since multiple requests can bring down your score a considerable amount.
Rate can help you consolidate high-interest debt in several ways.
Home equity line of credit (HELOC)
A HELOC lets homeowners tap into the value of their home by borrowing against the amount of equity in their home.
Unlike a traditional first or second mortgage, a HELOC provides a flexible line of credit, typically with a five- or 10-year draw period followed by the repayment period.
Funds can be used for just about anything, including home upgrades, emergencies and debt consolidation.
Personal loan
If you aren’t already a homeowner with equity to tap into, a personal loan could be a solution for tackling that high-interest debt load.
Personal loans generally come with fixed-rate repayment options that keep payments consistent.
Cash-out refinance
A cash-out refinance replaces your mortgage with a larger loan that allows you to access the difference in cash that can be used to consolidate debt, renovate your home or to cover major expenses.
The repayment of a cash-out refinance works the same way as any traditional mortgage. You’ll make monthly payments to your mortgage lender for the loan balance.
These payments will cover the principal (the amount you borrowed) and interest.
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1Loans are made by Guaranteed Rate, Inc. (NMLS ID 2611).
Standard fixed rates from 9.99% to 21.99% APR. With a 0.25% autopay discount established at loan origination with an automated monthly debit from a qualifying deposit account for repayment, fixed rates range from 9.74% to 21.74% APR. Loan amounts range from $4,000 - $50,000 and are subject to state requirements. Loan proceeds cannot be used for post-secondary education expenses or to purchase cryptocurrency or securities.
Terms and Conditions: You must be 18 years of age or older (19 years of age or older in Alabama). To qualify, a borrower must be a US citizen, a permanent resident, or a non-permanent resident in the US on a valid, long-term visa. All loan applications are subject to credit review and approval as well as income and employment verification. You must meet our minimum requirements established for this offer including, but not limited to, credit history, debt-to-income ratio, and application information. Your actual rate depends on your requested loan amount, loan term, creditworthiness, and a variety of other factors. Loan amounts range from $4,000 - $50,000. Rates and loan amount may differ due to state-specific requirements and may impact your ability to qualify for a loan. Limitations: AK, AR, FL, KS, MA, NC, PA, RI, TX, IL, MA, NH, NM and WY (rate). The lowest rate advertised is reserved for the most creditworthy borrowers. Advertised rates and terms are current as of 02/21/25 and are subject to change without notice.
An origination fee of 0%-6.5% is charged for each loan, which will be deducted from any loan proceeds you receive, and are subject to state requirements. Restrictions apply, please refer to http://rate.com/personal-loans for more information.
Personal loans are only available in AK, AL, AR, AZ, DC, DE, FL, GA, IA, IL, KS, KY, MA, MD, MI, MO, MT, NC, NH, NJ, NM, OH, OK, PA, RI, SC, SD, TN, TX, UT, VT, WA, WY and as of 11/10/25. Loan applications outside of these states will not be accepted at this time.
2By refinancing, you may pay more in costs and interest over the extended term.
3Savings, if any, vary based on the consumer’s credit profile, interest rate availability, and other factors. Contact <COMPANY NAME> for current rates. Restrictions apply.
4Using funds from a Cash-out Refinance to consolidate debt may result in the debt taking longer to pay off as it will be combined with borrower’s mortgage principle amount and will be paid off over the full loan term. Contact Rate for more information.
Applicant subject to credit and underwriting approval. Not all applicants will be approved for financing. Receipt of application does not represent an approval for financing or interest rate guarantee. Restrictions may apply, contact Rate for current rates and for more information. All information provided in this publication is for informational and educational purposes only, and in no way is any of the content contained herein to be construed as financial, investment, or legal advice or instruction. Rate, Inc. does not guarantee the quality, accuracy, completeness or timelines of the information in this publication. While efforts are made to verify the information provided, the information should not be assumed to be error free. Some information in the publication may have been provided by third parties and has not necessarily been verified by Rate, Inc. Rate, Inc. its affiliates and subsidiaries do not assume any liability for the information contained herein, be it direct, indirect, consequential, special, or exemplary, or other damages whatsoever and howsoever caused, arising out of or in connection with the use of this publication or in reliance on the information, including any personal or pecuniary loss, whether the action is in contract, tort (including negligence) or other tortious action. Rate does not provide tax advice. Please contact your tax adviser for any tax related questions.
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