Debt consolidation calculator
Add your existing debts, set an illustrative consolidation loan, and compare your current combined monthly repayments with a single repayment. The calculator runs entirely in your browser and stores nothing you enter into it.
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Your existing debts
IllustrativeIllustrative consolidation loan
A lower monthly repayment is not the same as paying less overall. A longer term usually means more interest in total, even when the monthly figure falls. This tool assumes a fixed rate and equal monthly repayments on the consolidation loan, and does not include arrangement fees, promotional rates, or variable-rate rules on your existing debts, so treat the comparison as a rough guide. For an accurate picture, check each lender's figures.
These figures are examples, not offers
The numbers shown are illustrations to help you understand the maths of consolidation. They are not loan offers, quotes or currently available rates. A real rate and repayment can only come from a lender after you apply and they assess your circumstances.
How to use the debt consolidation calculator
Start by listing the debts you are thinking of combining. For each one, enter the name or type (for example "Credit card" or "Car finance"), the outstanding balance, the interest rate if you know it, and the amount you currently pay each month. You can add or remove rows so the list matches your situation.
Then set an illustrative interest rate and term for a consolidation loan. The calculator adds up your balances and current payments, works out what a single loan for the combined balance might cost each month at the example rate, and shows the difference. The two figures it highlights are the change in your monthly repayment and the total repayable on the example loan.
How the calculation works
The monthly repayment on the example loan uses the standard formula for an amortising fixed-rate loan, the same method a lender uses for a personal loan with equal monthly payments. If the rate is 0%, it simply divides the balance by the number of months. The total repayable is the monthly repayment multiplied by the number of months, and the interest is the difference between that total and the amount borrowed.
Your "current combined monthly payments" is just the sum of the monthly figures you enter. That matters because credit cards often let you pay a low minimum that barely reduces the balance, so a like-for-like comparison is not always straightforward. The debt comparison calculator looks more closely at repayment strategies over time.
Why a lower monthly payment can cost more
Spreading a balance over a longer term reduces the monthly payment, but you pay interest for longer, so the total cost usually rises. Suppose you owe £10,000. A three-year loan at an illustrative 10% APR costs more each month than a five-year loan at the same rate, but you would pay noticeably less interest in total over the three years. When you compare options, look at the total amount repayable alongside the monthly figure. Our guide on understanding APR explains how the advertised rate relates to what you actually pay.
What this calculator does not include
- Fees. Arrangement fees or early-settlement charges on existing debts can change the picture.
- Promotional and variable rates. A 0% balance-transfer card or a variable-rate overdraft behaves differently from a fixed loan.
- Your actual rate. The rate you are offered depends on the lender's assessment and may differ from any example here.
- Eligibility. The calculator does not check whether you would be accepted. See eligibility.
Struggling to keep up?
If repayments are becoming hard to manage, free and impartial debt advice is available from MoneyHelper, StepChange and National Debtline before you take on new borrowing.
Calculator FAQ
Is any of my information saved?
No. The calculator runs entirely in your browser using JavaScript. Nothing you type is sent to a server or stored. If you refresh the page, the figures reset to the examples.
Are these real interest rates?
No. The rate is an example you can change to explore different scenarios. It is not a quote or a currently available rate.
Does a lower monthly payment mean I am saving money?
Not necessarily. A lower monthly payment often comes from a longer term, which can increase the total interest you pay. Always compare the total repayable too.
Can I use this to apply for a loan?
No. This is an educational tool, not an application. This website is not a lender or broker and does not process applications.