A lower monthly payment doesn’t always mean a cheaper deal. If your consolidation loan runs for longer than your current debts would take to clear, you could end up paying more overall even though each monthly payment is smaller. Always check the total cost comparison below, not just the monthly figure.
Debt Consolidation Calculator
Compare your existing debts against a single consolidation loan to see whether combining them would actually save you money, in total and per month.
Interest-rate assumption: This calculator treats the annual interest rate you enter as an effective annual rate and converts it to an equivalent monthly rate for the calculation. Actual lender calculations, APRs, fees and payment schedules may differ.
Your Existing Debts
Proposed Consolidation Loan
£
Auto-filled from the total of your debt balances above — edit if you plan to borrow a different amount.
Loan amount differs from current debts: Your proposed consolidation loan is different from the total balances entered above, so the total-cost comparison is not strictly like-for-like. Check that the new loan covers the debts you intend to consolidate and does not include additional borrowing.
% p.a.
£
One-off fees charged to set up the consolidation loan or transfer balances, paid upfront rather than added to the loan.
Cumulative Cost Over Time
Current debts (paid as-is)
Consolidation loan
Your Current Debts — Payoff Breakdown
Year-by-Year Cost Comparison
Calculated monthly and grouped by year for readability. Figures show the cumulative total paid to date under each option.
How this calculator works: Your existing debts are modelled individually using their current balance, interest rate and monthly payment, assuming you keep paying exactly as entered until each is cleared. The consolidation loan is modelled as a standard fixed-rate repayment loan over your chosen term. Fees are treated as a one-off upfront cost, not added to the loan balance. This is a mathematical comparison only — it does not assess whether consolidation is a suitable or affordable decision for your circumstances.