Loan calculator for debt consolidation

Estimate debt consolidation interest savings, and payments, with our fast and easy loan calculator

Over 3 years, with a monthly payment of $418.87, and an APR1 of 19.17%, you could save this estimated amount of interest:


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This calculator is a self-help tool for your independent use and is intended for illustration purposes only. Results aren’t guaranteed, and may not be relevant to your specific circumstance.

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How does Prosper’s loan calculator work?

We calculate your interest savings estimate by weighing the financial information you entered alongside historical data on loans and an estimation of what your rate for a loan through Prosper would be based on your credit score.

Eligibility for a personal loan is not guaranteed. But filling out an application takes fewer than 5 minutes, and it will take a few additional factors related to your creditworthiness into account—such as your employment, income, credit usage, history, and more—to generate an offer and fine-tune your potential savings in interest.

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Since 2005, over 1 million people have chosen Prosper to help fund their dreams.

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Frequently asked questions (FAQs) about personal loans calculator

Find answers to our community’s questions below, or visit our Help Center to learn more.

What is the minimum credit score for a loan?

There’s no hard and fast rule for the minimum acceptable credit score for personal loans—it all depends on the lender. Prosper welcomes those with less-than-perfect credit to apply because we believe there’s more to creditworthiness than credit scores alone. Applicants with FICO scores above 600 have the best chances of being approved, but Prosper uses many factors to determine eligibility, and checking your rate and eligibility can be done without impacting your credit score.

Do debt consolidation loans work?

Debt consolidation loans can be a great way to improve your personal financial health. If you have accrued debt from multiple credit cards that have high interest rates, a personal loan for debt consolidation through Prosper could offer you a lower rate than the average of your cards’ rates, and it could decrease your monthly payments and/or the amount of total interest you pay over time. It’s important to remember, however, that financial health improvement depends on multiple factors, such as spending within one’s means and not accruing new credit card debt.

Is it better to pay off old or new debt first?

If you have debt that’s in default or if you’ve missed payments, it’s wise to prioritize closing collections accounts or paying off current overdue bills before doing anything else. If you’re not late on payments or in default, it’s advisable to pay off your smallest debts first while maintaining minimum payments elsewhere (assuming you’re not just consolidating debts with a debt consolidation loan or other consolidation tool). Once you pay off the smallest debt, you can take the money you would have put toward that monthly fee and put it towards the next smallest debt, and so on.

How do I combine all debts into one payment?

Depending on what kinds of debts you have and the average interest rate those debts carry, debt consolidation can be a great way to consolidate your debts into a single payment. Debt consolidation can make sense if you’ve calculated that you will pay less cumulative interest by doing so.

How do you calculate loan payments?

Loan payment calculation depends on multiple factors. To learn more about how loan payments are typically calculated, visit this article from the Balance.

How do you calculate interest?

Different lenders have different approaches to calculating interest, but generally speaking, you can calculate simple interest with this straight-forward formula: Principal loan amount x interest rate x loan term. For example, if you take out a 7-year loan for $30,000 and the interest rate is 7%, the simple interest formula would be: 30,000 x .07 x 7 = 14,700

Want to learn more about online personal loans for debt consolidation?

Check out these posts from Prosper’s blog to learn more about debt consolidation and decide if it’s right for you.

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