Debt Consolidation Calculator
Compare a fixed consolidation loan with the combined remaining payments of your existing debts.
Formula
New total = new payment × months + cash fee; saving = old total − new total
New payment (money/month) ≈ (12,000)×((6)÷1200)÷(1-(1+(6)÷1200)^(-(48))) · New total incl. fee (money) ≈ (281.8203486)×(48)+(200) · Monthly reduction (money) ≈ (400)-(281.8203486) · Total cost saving (money) ≈ (15,000)-(13,727.37673)
How to use
- Sum current balances, monthly payments and all remaining scheduled payments.
- Enter the new fixed rate, term and fee paid upfront.
- Compare monthly relief and total remaining cost.
Examples
- Old total 1,300; new repayments 1,200 plus fee 50: saves 50.
Frequently asked questions
How do I combine different debts?
Sum each debt’s own remaining payments; do not multiply one combined payment by a shared term.
Does a lower payment mean savings?
No. A longer term or fees can raise total cost.
Are new purchases or variable rates included?
No. Keep current repayment plans and the new fixed rate unchanged.
Sources
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