Model each existing loan separately, then compare the changing current payment burden with one proposed consolidation loan. The result highlights when a lower payment costs more overall.
Enter today’s outstanding balances, not the original amounts borrowed. Each debt is modelled on its own remaining schedule.
Enter the total annual nominal borrowing rate. For a tracker loan, include the current benchmark rate and the lender’s margin.
Enter the total annual nominal borrowing rate. For a tracker loan, include the current benchmark rate and the lender’s margin.
When this section is open, each existing debt also shows its own monthly administration fee.
The comparison uses the full remaining cost, not only the first monthly payment.
| Time | Current option | New option | Difference |
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Enter the current balance, remaining term and interest rate or payment for each account.
The combined current payment falls as individual debts finish; the calculator models this month by month.
Add the new rate, term and all arrangement, broker, settlement and monthly fees.
A longer term may reduce monthly pressure while raising the total amount paid.
Debt consolidation uses one new loan to repay several existing credit balances. It may leave one payment date and one lender, but it does not remove the debt.
This calculator builds a separate schedule for every loan, combines their cash flows and compares them with the proposed single loan. That is more accurate than multiplying today’s combined payment by the longest remaining term.
It can, through a lower rate or a longer term. Only the first mechanism necessarily points towards a lower financing cost; a longer term often increases total interest.
Compare total cost, payment change and term change. If debts are secured against a home, missed payments can put the property at risk and specialist advice may be appropriate.
It is designed for loans with regular repayment schedules. Credit cards can be entered only as an approximation when you plan a fixed monthly payment; minimum-payment rules can produce a different path.
Priority arrears such as rent, council tax, energy or court debts should not be treated as ordinary consolidation-loan inputs. Free debt advice can help establish the right order of action.
Before making a decision, check your agreements, the lender’s personalised illustration and current official guidance.