Debt consolidation calculator

Work out your monthly payments with our easy-to-use calculator

Use our debt consolidation calculator to work out what your monthly payments could be.

Calculate your loan repayments

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APR:
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Monthly repayment:
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Note: This loan calculator is meant as an illustrative example, and doesn't necessarily reflect the final quote you'll receive.

Loans are secured against property. THINK CAREFULLY BEFORE SECURING OTHER DEBTS AGAINST YOUR HOME. YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON A MORTGAGE OR ANY OTHER DEBT SECURED ON IT.
17.9% APR (typical variable)

Apply for debt consolidation loan with All About Money

If you're looking for a debt consolidation loan, simply leave us your details in the form and we'll get back to you shortly.

If you're making several payments towards several debts each month, a debt consolidation loan could turn all of these into one affordable monthly payment - making your finances easier to manage and potentially saving you money each month. (Please note: extending your repayment period to reduce your payments may cost you more in interest in the long run.)

But before you consolidate your debts, you may be wondering how much your monthly repayments could actually cost you. That's where our debt consolidation loan calculator can help.

By simply adjusting the sliders, you can work out how much you may have to pay each month on a debt consolidation loan, which can be useful when determining whether this particular debt solution might be right for you.

How does our debt consolidation loan calculator work?

If you've never used a loan calculator before, knowing what to enter at each stage can sometimes be a little confusing, so we've put together this simple-to-follow step-by-step guide to make things a little easier.

Step one

Before you use our debt consolidation loan calculator, you'll need to work out how much debt (overall) you're thinking of consolidating - this will correspond to how much you'll have to borrow on your debt consolidation loan.

So, as an example, let's assume you want to consolidate three debts. You have one debt of 3,000, one of 4,000 and another of 5,000. This means you'll need to take out a debt consolidation loan of 12,000.

Once you know how much you'd like to borrow, you should adjust the 'Loan amount' slider accordingly.

Step two

You now need to decide on the repayment period for your debt consolidation loan.

On our debt consolidation calculator, this can be anything between one and fifteen years - and although you may want to clear your debt as soon as possible, you should only select a period over which you know you will be able to comfortably afford the repayments.

So, have a think about how long you would like to repay your loan for - and adjust the 'Repayment period' slider accordingly.

Note: Secured loans (debt consolidation mortgages, for example) may be available with longer repayment periods than unsecured debt consolidation loans, and may also come with a lower interest rate. You will, however, have to use your property as security against the money you borrow.

Failing to keep up with your repayments on a secured loan could lead to your home being repossessed.

Step three

You can now move onto the 'Interest rate' slider.

With our debt consolidation calculator, you can work out how much your repayments would be when charged a specific interest rate. Simply adjust the slider based on the interest rate you have in mind. (Note: this is just an example - the actual interest rate you are offered will vary depending on your circumstances).

Your results

Once you're happy with the adjustments you've made to each slider, you will be presented with a monthly repayment amount at the bottom of the calculator.

So, as an example, let's assume you are offered a debt consolidation loan worth 12,000 with an interest rate of 10%. If you choose to repay this loan over a four-year period, your monthly repayments would be 304.

What could affect the interest rate I'm offered?

There are several factors that could affect the interest rate you're offered on your debt consolidation loan, including:

  • Your credit rating,
  • The repayment period on your loan, and
  • The loan amount

For the following examples, let's assume you want to borrow 12,000 to consolidate your debts.

If your credit rating is poor, your lenders are likely to charge you more when providing you with credit.

So, you may be charged 19% on your debt consolidation loan over four years, for example, which means you would pay 359 per month.

However, if your credit rating is good, you're more likely to be offered the 'better' deals.

So, if you're charged 9% on your debt consolidation loan over four years, for example, you would be left with monthly repayments of 299.

Changing the repayment period can also affect the interest rate you're offered - along with the amount you pay each month.

So will debt consolidation save me money?

If you're consolidating debts with high APRs (Annual Percentage Rates) into a debt consolidation loan with a significantly lower interest rate, you may be able to pay less in the long run - providing you pay it back fast enough.

However, arranging to repay your loan over a longer timeframe means you will be paying interest for longer - so even though your monthly payments may be smaller, extending your repayment period actually reduces your chances of saving money in the long run.

Bear in mind.

First of all, it's important to understand that our debt consolidation calculator is only an illustration, and the terms of the loan you may be offered could vary depending on several factors. It's best to discuss your options with us so we can provide a personalised illustration.

However, you can usually assume that the healthier your finances are (and the better you have handled your previous debt), the better your credit rating should be - which means you should have a better chance of being offered a loan.

Get expert debt consolidation adviceIf you would like more information, talk to our team today.

Speak to an expert debt adviser on:0800 195 2911

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THINK CAREFULLY BEFORE SECURING OTHER DEBTS AGAINST YOUR HOME. YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON A MORTGAGE OR ANY OTHER DEBT SECURED ON IT. DEBT CONSOLIDATION MAY INCREASE THE AMOUNT TO BE REPAID IN THE LONG TERM. Subject to status. A 12.5% arrangement fee is payable on completion. The actual rate available will depend upon your circumstances. Ask for a personalised illustration. Calls may be recorded.

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