Add your existing debts and see how much you could save by consolidating them into a single loan. Compare total interest, monthly repayments, and payoff timelines side by side.
Consolidating could save you $807 in interest and reduce your repayments by $273/month.
| Debt | Balance | Rate | Monthly | Interest remaining | Payoff |
|---|---|---|---|---|---|
| Credit Card | $8,000 | 20% | $250 | $3,750 | 3 yr 11 mo |
| Personal Loan | $12,000 | 12% | $350 | $3,050 | 3 yr 7 mo |
| Car Loan | $15,000 | 8% | $400 | $2,600 | 3 yr 8 mo |
| Current total | $35,000 | $1,000 | $9,400 | 3 yr 11 mo | |
| Consolidated loan | $35,000 | 9% | $727 | $8,593 | 5 years |
Even a 1-2% difference in consolidation rate changes the total interest significantly. Use the rate slider to see how much more you save at a lower rate, and what happens if you only qualify for a higher one.
A shorter term means higher repayments but much less interest over the life of the loan. A longer term reduces the monthly pressure but may reduce or eliminate the interest saving vs your current debts.
Try adding all your debts to get the full picture, or model consolidating only the high-rate debts (like credit cards) while keeping low-rate debts separate.
Switching from monthly to fortnightly or weekly repayments reduces total interest because the balance drops faster. The toggle lets you compare all three options side by side.
Lenders assess how much of your income goes to debt repayments. Consolidating multiple debts into one can simplify this picture, but your overall debt level still matters.
Your credit score and repayment history influence the rate you are offered. Missed payments on existing debts may affect your eligibility. A stronger credit history generally means access to more competitive rates.
Lenders count your open credit card limits as potential debt, even if the cards are partially paid off. Closing old cards after consolidation may improve your borrowing position.
Lenders prefer applicants with stable employment. Most look for at least 3-6 months in your current role, though some lenders are flexible for contractors and self-employed borrowers.
See personal loans from 50+ lenders and find a rate that works for you.
Subject to lender approval, terms and conditions apply.
Enter your email and we'll send you a link to this calculation so you can revisit it later.
Results are estimates only and should not be relied upon for financial decisions. Actual debt consolidation loan repayments will depend on the lender, your credit profile, and the specific terms offered. Interest rates used are for illustration purposes only and may not reflect current market rates.
Subject to lender approval, terms and conditions apply.
This calculator is general information only and is not financial advice.