Debt Consolidation Calculator

Juggling multiple credit cards, loans, or store cards and struggling to keep up? Add all your outstanding debts and the calculator will show you whether consolidating into one loan could reduce your monthly payments and total interest.

How to use this calculator

Add each of your current debts using + Add debt.
For each debt, enter the balance, APR, and monthly payment.
Set the APR and term for a potential consolidated loan.
The calculator compares your total current cost against the consolidated option.
A green badge means consolidating saves you money; red means it costs more.

Your current debts

Consolidated loan

APR (%)

Term (months)

–

	Current debts	Consolidated
Total balance	–	—
Monthly payment	–	–
Total cost	–	–

Should You Consolidate Your Debts?

Debt consolidation means combining multiple debts (credit cards, personal loans, overdrafts) into a single loan with one monthly payment. It can simplify your finances and potentially reduce the total interest you pay.

When Does Consolidation Save Money?

Consolidation works best when the interest rate on the new loan is lower than the average rate across your existing debts. For example, replacing three credit cards at 20%+ APR with a personal loan at 6% APR could save thousands in interest.

Important Considerations

Watch out for longer repayment terms — a lower monthly payment spread over more years could mean you pay more total interest even at a lower rate. Also consider any fees for early repayment of existing debts or arrangement of a new loan.