How much interest am I paying, really?
List every debt you carry and this shows two numbers almost nobody actually knows: your true blended interest rate across all of it, and the total interest that debt is costing you every year and every month. Then it shows what one consolidation loan could do.
Your debts
If you rolled it into one loan
You are paying, in interest
Your blended rate is the single interest rate that would cost you the same total interest as all your debts combined, weighted by how much you owe on each. It is the honest headline number for your debt. The interest figures here are what is accruing on your current balances at their current rates — a snapshot of the cost, not a payoff schedule. The real payoff depends on what you pay each month, which is what the consolidation calculators work out.
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Why the blended rate is the number that matters
When you carry more than one debt, no single rate tells the story. A 24% card next to a 6% car loan does not average to 15% in any way that means anything, because you owe different amounts on each. The blended rate fixes that. It weights every rate by the balance behind it, so a small balance at a scary rate counts less than a big balance at a moderate one. It is the rate a lender is effectively charging you across your whole financial life.
Once you can see it, the decision gets simpler. If your blended rate is well above what a single consolidation loan would charge, consolidating saves real money. If it is already low, you may be better off leaving it alone and just paying it down. The point of this tool is to let you see the true cost before anyone tries to sell you a fix.
How the total interest is figured
For each debt, this takes the balance times its annual rate to get the interest that debt is accruing this year, then adds them up. That is your total annual interest, and dividing by twelve gives the monthly figure. It is a clean snapshot of what the debt costs to simply carry. It does not assume a payoff timeline, because your timeline depends entirely on what you pay each month, and that is a different question the consolidation tools answer.
The trap to watch for
If the minimum payment on a card does not cover that card's monthly interest, the balance is growing even while you pay. This calculator flags that the moment it happens. It is the single most important thing to catch, because no consolidation math matters if a balance is quietly climbing every month. If you see that warning, that debt should be the first one you deal with.
Common questions
What is a blended interest rate?
It is the balance-weighted average of the rates on all your debts — the single rate that would cost you the same total interest as everything combined. A balance you owe a lot on pulls the blended rate toward its rate; a small balance barely moves it.
How do I calculate how much interest I am paying in total?
For each debt, multiply the balance by its annual rate, then add those up. That is your total interest per year. Divide by twelve for the monthly cost. This calculator does it for every debt at once and shows your blended rate alongside it.
Should I consolidate my debts?
It usually helps when your blended rate is meaningfully higher than the rate on a single consolidation loan and you can avoid running the balances back up. When your blended rate is already low, or the debt is small, it often is not worth it. Compare the numbers with the consolidation refinance and home equity loan calculators.