Debt Consolidation Loan Calculator
Compare monthly payments and lifetime costs when you combine several debts into one loan.
Your current debts
Enter each balance and its monthly payment, including any monthly fee.
Your consolidation comparison
Example inputsCheck the highlighted fields to calculate your estimate.
- $326.88
- Principal and interest on the entered replacement loan.
- $540.00
- $213.12
- A negative figure means a higher monthly payment.
- -$83
- -$433
- Includes entered fees. A negative figure means a higher total cost.
Positive savings mean a lower cost. A negative saving means the consolidation loan costs more.
Total cost by scenario
Total paid from now, including the debt repaid and entered fees. Unavailable lifetime totals are omitted.
| Current balances | $20,000 |
|---|---|
| Current payoff time | 53 months |
| Current payoff date | 1 Mar 2031 |
| Current total interest | $7,375 |
| Current future fees | $0 |
| Current total paid | $27,375 |
| Replacement balance | $20,000 |
|---|---|
| New payoff time | 84 months |
| New payoff date | 1 Oct 2033 |
| New total interest | $7,458 |
| Switching fees | $350 |
| New total paid | $27,808 |
Keep the old combined payment
| Monthly payment | $540.00 |
|---|---|
| Payoff time | 45 months |
| Payoff date | 1 Jul 2030 |
| Total interest | $3,764 |
| Switching fees | $350 |
| Total paid | $24,114 |
| Total cost saving | $3,261 |
| Payment effect | Principal reduces |
This projection keeps the old combined payment on the new loan, assuming extra repayments are permitted without extra fees.
Check each current debt
Debt 1: Principal reduces
Principal falls by $106.73 in the first month. Payoff time: 50 months.
Debt 2: Principal reduces
Principal falls by $175.00 in the first month. Payoff time: 53 months.
Compare Your Current Debts
This debt consolidation loan calculator compares the debts you have with one replacement loan. It shows monthly payment relief separately from lifetime savings. A smaller payment can cost more overall when the new loan runs longer.
Enter each debt's balance, annual interest rate and monthly payment separately. If the payment includes a monthly account fee, enter that fee too. The calculator deducts the fee before working out how much of the payment reduces the balance.
The debt check shows each payment's effect in its first month. A payment above interest and fees reduces principal, which is the amount owed. A payment below those charges increases the balance, called negative amortisation.
For credit cards and other revolving debts, the model holds your entered payment constant. It assumes no new purchases, cash advances or rate changes. A card's actual minimum payment can fall as the balance falls, so entering today's minimum as a fixed payment gives a different projection.
Calculate the Consolidation Loan
The replacement balance starts with the total of the entered debts. Add the new interest rate and term, then include application costs and fees to close the existing debts. Fees paid upfront add to total cost without increasing the balance.
Choosing Add to loan increases the replacement balance by the fees. The loan then charges interest on that larger balance. The comparison counts each fee once, whether you finance it or pay it separately.
Monthly payment relief is the old combined payment minus the new scheduled repayment. Interest saving compares future interest only. Total cost saving also includes entered fees, with a negative result showing that consolidation costs more.
The online calculator is free and works with entered personal or business debts that follow these fixed-payment assumptions. It does not calculate tax deductions or handle business facilities with redraws, irregular advances or balloon repayments.
Check the Longer-Term Cost
Compare payoff time and total paid as well as the monthly payment. The starting example combines an $8,000 debt at 19.99%, paid at $240 monthly, with $12,000 at 12.5%, paid at $300 monthly. It replaces them with a seven-year loan at 9.5% and pays $350 in switching fees upfront.
| Scenario | Monthly payment | Payoff time | Total interest | Total paid |
|---|---|---|---|---|
| Keep current debts | $540.00 | 53 months | $7,375 | $27,375 |
| Consolidate over seven years | $326.88 | 84 months | $7,458 | $27,808 |
| Consolidate and keep paying $540 | $540.00 | 45 months | $3,764 | $24,114 |
The new scheduled repayment frees $213.12 a month, but total cost rises by $433. Keeping the $540 payment instead clears the consolidation loan in 45 months and saves $3,261 overall. The final payment is smaller where the balance does not need a full payment.
The current-debt scenario stops each debt's payment when that debt clears. It does not move that freed payment to another debt. The Keep the old combined payment scenario puts the full original monthly budget into the new loan until it clears.
That alternative assumes extra repayments are permitted without extra charges. If the old combined payment is below the new scheduled repayment, the tool flags it as a hypothetical payment arrangement. It does not establish a right to underpay a loan.
Securing previously unsecured debt against your home changes the consequences of missed payments. The lender can sell the secured property to recover the debt. Moneysmart's debt consolidation guidance explains the risks of longer terms and using your assets as security.
Read the Assumptions
The estimate divides each annual percentage rate by 12 and applies that monthly rate to the outstanding balance. It then deducts the payment after any entered monthly fee. Interest compounds monthly and payments occur at the end of each monthly period.
The first payment date anchors every scenario. Each later payment uses the same day of the month, or the last day when that month is shorter. The model does not accrue interest daily or adjust payments for weekends and holidays.
Calculations retain full precision until display. Per-payment figures show cents, while total costs round to whole dollars. A lender's daily accrual and rounded instalments can produce a different repayment or final balance.
A debt with a payment that only covers interest and fees has no payoff date. The same applies when its balance grows. A reducing balance that would take more than 100 years to clear also has no displayed lifetime total.
The model omits existing fees unless entered, replacement ongoing fees and future changes to rates or spending. It assumes all selected debts are replaced in full. The numerical comparison does not assess approval, suitability or which live product to choose.