Debt repayment comparison calculator
Compare what you currently pay across several debts with a single illustrative consolidation loan. The tool highlights the change in your monthly repayment and the total cost of the example loan, so you can weigh convenience against overall cost.
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Your current debts
IllustrativeIllustrative single loan
A lower monthly repayment does not always mean a cheaper debt. Spreading a balance over a longer term usually increases the total interest. This tool ignores fees, promotional 0% periods and variable rates, so use it as a rough guide and check each lender's own figures.
Comparing repayments the right way
When you compare your current debts with a single loan, it is tempting to look only at the monthly figure. A lower monthly payment feels like progress, and it can genuinely help if your current payments are a stretch. But the monthly figure is only half the story.
The other half is the total amount repayable. If a consolidation loan lowers your monthly payment mainly by stretching the term, you may pay more interest over the life of the loan even though each month feels easier. The comparison above shows both numbers side by side so you can judge the trade-off for yourself.
Watch out for the minimum-payment trap
Credit cards usually let you pay a low minimum, often a small percentage of the balance. Paying only the minimum keeps the account in good standing but barely reduces what you owe, so interest keeps building. If the monthly figures you enter above are minimum payments, your "current combined monthly payments" might look low while the debt is actually growing more expensive over time. A fixed consolidation loan removes that open-ended quality by setting a clear end date, which is one of its genuine advantages, provided the total cost stacks up.
Other approaches to compare
- The avalanche method: keep your existing debts but direct spare money at the highest-interest balance first. This usually minimises total interest without new borrowing.
- The snowball method: clear the smallest balance first for a sense of momentum, then roll that payment into the next.
- A balance transfer: moving card balances to a 0% introductory card can be cheaper than a loan if you clear it before the offer ends. See consolidation vs balance transfer.
- A debt management plan: a free arrangement through a debt charity if you are struggling. See consolidation vs debt management plans.
Not sure which approach fits?
Free, impartial help is available from MoneyHelper and StepChange. They can compare every option with you, including ones that do not involve borrowing.