Debt consolidation calculator
Consolidating combines several debts into one fixed monthly payment at a single rate. Enter your total balance, a loan rate and a term to see the new monthly payment and total interest, and how much interest you save and how much sooner you clear it compared with leaving the balance on a card at the minimum.
The rate on the new single loan; depends on your credit profile and the amount.
Indicative planning estimate from the figures you enter, not advice, a quote, or a credit decision. Reviewed July 2026.
One loan, paid down on a fixed date
What the loan costs
Watch this payoff date move as you pay down
Track all your debts, income and net worth free. No card required.
Worked example
For a £15,000 balance at 11.9% APR, the new monthly payment is £394. Total interest on the loan: £3,925. Interest saved vs card minimums: £24,839. Cleared sooner than card minimums: 295 mo.
How it works
- Consolidation replaces several balances, often on cards at high interest, with one loan at a single fixed rate and a fixed end date.
- The main benefits are a lower rate than a typical card, one payment to manage, and a clear date the debt is gone rather than an open-ended minimum.
- The comparison here pits the new loan against leaving the same balance on a card at 23.9% APR paying the minimum, interest plus about 1% of the balance, which is the slow, expensive default.
- Consolidation is not always cheaper overall: a long term at a modest rate can still cost more in total interest than clearing cards quickly, so check the total, not just the monthly.
Frequently asked questions
Does consolidating actually save money?
It usually lowers your interest rate versus a credit card and gives you a fixed payoff date, which this calculator shows against paying card minimums. But a longer term can mean more total interest even at a lower rate, so look at the total interest figure, not just the lower monthly payment.
What are the risks?
The main risk is running the cleared cards back up, so you end up with the loan and new card debt. Consolidation also works best when the new rate is genuinely lower than what you pay now; if your credit profile means a high rate, the saving can be small. Never secure previously unsecured debt against your home without careful thought.
What rate will I get?
It depends on the amount, the term and your credit profile. Larger loans over about £7,500 often attract lower rates than smaller ones. The rate here is one you enter for planning; the real rate is confirmed only when a lender assesses you.
Is this financial advice?
No. It is an indicative planning estimate from the figures you enter, not advice, a quote, or a credit decision. If you are struggling with debt, free help is available from organisations such as StepChange and Citizens Advice.
This calculator gives an indicative planning estimate from the figures you enter. It is not advice, a quote, or a credit decision. CoreFi is a trading name of JG Core Ltd (company 16218779). Figures reviewed July 2026.