See what combining your debts could look like.
Compare your existing debt payments with an estimated consolidated loan. Enter your balances, interest rates and monthly payments to understand your current position and explore a potential single-payment scenario.
One clearer picture
Compare multiple debts and explore what a single repayment could look like.
Compare your current debts with consolidation.
Add your existing debts below, then enter the estimated interest rate and term for a potential consolidation loan. Results only appear after you calculate.
Your debt details
Add the debts you want to compare.
Consolidation comparison
Your estimated comparison will appear after you enter your debt details and calculate.
What does debt consolidation actually mean?
Debt consolidation generally involves combining multiple existing debts into one new borrowing arrangement. Instead of managing several payments, you may make one regular payment to the new lender.
This can make debt management simpler, particularly when you are dealing with several balances, different payment dates or different interest rates.
However, a lower monthly payment does not necessarily mean you will pay less overall. A longer repayment term can spread the debt over more time and potentially increase the total interest paid.
The calculator is designed to help you explore the numbers. It does not determine whether consolidation is suitable for your circumstances, and actual lender terms can vary.
Look beyond the number of monthly payments.
A proper comparison should consider the complete cost and practical impact of consolidating your debts.
Total Balance
Start with the total amount currently owed. This gives you the principal amount that a potential consolidation loan may need to cover.
Interest Rates
Existing debts can have different rates. Compare them with the estimated rate available on a consolidation loan rather than assuming consolidation is cheaper.
Monthly Payments
Adding your current payments helps you see whether a potential consolidated repayment would be higher, similar or lower.
Repayment Term
A longer term can reduce the monthly payment while potentially increasing the overall interest paid.
Fees & Charges
Check whether the new borrowing includes arrangement fees, early repayment charges or other costs.
Affordability
A consolidation arrangement should be considered in the context of your wider budget and regular financial commitments.
Check these details before making a decision.
Consolidation can simplify several debts into one payment, but the numbers should be reviewed carefully before committing to a new agreement.
When can debt consolidation make sense?
The answer depends on the individual debts, the new terms and your ability to maintain repayments. Consider both the potential benefits and the trade-offs.
Simpler repayments
Combining several balances may mean managing one regular payment instead of multiple payment dates and accounts.
Clearer debt picture
One consolidated balance can make it easier to track how much you owe and monitor progress over time.
Longer terms can cost more
A lower monthly payment may come from extending the repayment period, which can increase total interest.
Fees can change the calculation
New borrowing may involve fees or charges that are not included in a simple repayment comparison.
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Debt Consolidation Calculator FAQs
Answers to common questions about consolidating debt, monthly payments, interest and repayment terms.
Understand your debts. Then compare your options.
Use the calculator to explore your current monthly payments and an estimated consolidated repayment before considering your next step.