Debt Consolidation Calculator

Last updated: April 2026

Current Debts

Add each credit card, loan or finance balance you want to compare.

Debt 1

Nickname

Balance

GBP

Annual interest rate

Monthly payment

GBP

Debt 2

Nickname

Balance

GBP

Annual interest rate

Monthly payment

GBP

Debt 3

Nickname

Balance

GBP

Annual interest rate

Monthly payment

GBP

Consolidation Loan

Interest rate

Term

Arrangement fee

GBP

Monthly budget

If you can afford more than the minimum consolidation payment, enter your available budget here.

GBP

Current payments total £350 per month.

Consolidating could save you £1,076 in interest and reduce your monthly payment by £142.

Current Debts Summary

Total balance£10,000

Total monthly payments£350

Total interest to pay£3,531

Debt-free dateNov 2030

Consolidation Loan Summary

Loan amount£10,000

Monthly payment£207.58

Total interest£2,455

Debt-free dateMay 2031

Comparison Table

Metric	Current	Consolidated	Saving
Monthly	£350.00	£207.58	£142.42
Total int.	£3,531.17	£2,454.80	£1,076.37
Total cost	£13,531.17	£12,454.80	£1,076.37
Free by	Nov 2030	May 2031	6 mo slower

Debt Breakdown

Debt	Balance	Rate	Monthly	Payoff
Credit card 1	£3,000	22.9%	£90.00	Nov 2030
Credit card 2	£2,000	19.9%	£60.00	Jun 2030
Car loan	£5,000	12%	£200.00	Oct 2028
Consolidated	£10,000	9%	£207.58	May 2031

Important considerations

- Extending the repayment term may reduce monthly payments but increase total interest paid.

- Secured consolidation loans against your home risk your property if you miss payments.

- Consolidation does not eliminate debt; it restructures it.

- Address the spending behaviour that created the debt.

Is debt consolidation a good idea?

Debt consolidation makes sense when the consolidation loan has a lower interest rate than your existing debts and when you do not extend the repayment term so long that you pay more interest overall. It can simplify multiple payments into one and reduce monthly outgoings.

What are the risks of debt consolidation?

The main risks are using a secured loan to consolidate unsecured debt, extending the repayment term too far, and clearing credit cards only to use them again, leaving you worse off than before.

What is the difference between secured and unsecured consolidation?

An unsecured consolidation loan is a personal loan not tied to any asset. A secured consolidation loan uses your home as security. Secured loans can offer lower rates but carry the risk of repossession if you default.

Related calculators:

- Credit Card Repayment Calculator

- Loan Repayment Calculator

- Mortgage Affordability Calculator

What does this mean?

This calculator is designed to help you understand the likely number before you make a decision or start an application.

Your result should be checked against official UK guidance, especially if your circumstances include dependants, exemptions, prior leave, or a complex immigration history.

Treat the figure as a planning tool rather than legal advice. Where the answer affects an application deadline or major payment, speak to an authorised adviser.

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