Debt consolidation calculator
Type your debts in the same order in the three lists, then the rate, length and fees of the new loan. A lower monthly payment does not mean a lower cost: we show both.
Result
208.35New monthly payment
- Current payments per month
- 370.00
- Months left with current debts
- 36
- Interest left with current debts
- 2,664.04
- New loan amount (fees included)
- 10,300.00
- New loan length (months)
- 60
- New loan interest
- 2,201.26
- New loan cost (interest + fees)
- 2,501.26
- Saving with consolidation
- 162.78
Inputs
- Amounts owed today
- 4000; 2500; 3500
- Rate per year of each debt
- 19.9; 22; 9
- Monthly payment of each debt
- 150; 100; 120
- New loan rate
- 7.9
- New loan length
- 5
- New loan fees (optional)
- 300
How it is calculated
Current debts: each debt is repaid with its monthly payment down to zero; interest is added up.
Result
New monthly payment
- Current payments per month
- 370.00
- Months left with current debts
- 36
- Interest left with current debts
- 2,664.04
How it is calculated
- Current debts: each debt is repaid with its monthly payment down to zero; interest is added up.
- New loan: sum of debts + fees, repaid with fixed monthly payments at the new rate.
- Saving = current interest − (new loan interest + fees).
Example
Debts 4,000 (19.9%), 2,500 (22%) and 3,500 (9%) paid 370 a month: 2,664.04 of interest left. New loan of 10,300 (300 of fees) at 7.9% over 5 years: 208.35 a month, cost 2,501.26, saving 162.78.
Good to know
- Fixed rates and constant payments.
- Insurance, guarantees and early repayment penalties not included.
Frequently asked questions
What is this tool used for?
Type your debts in the same order in the three lists, then the rate, length and fees of the new loan. A lower monthly payment does not mean a lower cost: we show both.
How is the result calculated?
Current debts: each debt is repaid with its monthly payment down to zero; interest is added up.
What should I check before using the result?
Fixed rates and constant payments.