Debt Consolidation Calculator

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How to use the debt consolidation calculator

To use the debt consolidation calculator, you’ll need to enter some details about your current debts.

Add all current debts using the ‘Add’ button on the calculator sidebar Fill in as much information as possible for the most accurate result Click ‘Calculate’ to see the total amount to pay, total interest, and term length

A debt consolidation loan is a way of unifying your debts and simplifying your repayments while reducing your interest costs. Before applying for a personal loan with a lender, you need to have a close look at your new loan to make sure consolidating your debts will save you time and money.

What is debt consolidation?

Debt consolidation is a way of simply managing multiple forms of debt with various payment schedules, rates, and fees. Debt consolidation calculates your total debt and bundles it into one new loan, or sometimes as an extension of an existing loan, such as a mortgage on a property.

Debt consolidation should always benefit you as the borrower. If you have a number of different debts you are looking to consolidate, you may wish to speak to a financial adviser to determine whether or not debt consolidation is suitable for your financial circumstances.

Is debt consolidation a good idea?

When is the right and wrong time to consolidate debt? Below we’ll look at a couple of the most common reasons to choose or avoid debt consolidation.

You may benefit from debt consolidation if:

Consolidating credit card debts with higher interest rates and fees

Interest and fees are two of the most costly aspects of debt. High rates will mean you pay a larger portion of interest over time; if your loan uses amortising interest, you’ll barely make a dent in your principal loan amount when initially making repayments. High fees also hinder your ability to save money and make additional, extra repayments to reduce the loan amount.

You struggle to manage various payment schedules

If you’ve got several different debts, chances are you’ll have several different payment schedules. This can make meeting your payment obligations difficult, but can also put a strain on other essential payments, such as managing bills, rent, or groceries. Debt consolidation can help streamline both your loan payments and personal budget.

You may want to avoid debt consolidation if:

You lose money by consolidating debt

Like many financial decisions, debt consolidation isn’t suitable for everyone. The main drawback when consolidating debt can be the early exit fees or break fees on multiple loans. If you’ll end up paying more in exit fees than you’ll save by consolidating your debts, it may not be a suitable option.

You have a poor credit rating

Debt consolidation can temporarily impact your credit score, so it’s best to ensure your credit rating is as strong as possible before applying, to ensure you qualify for the best rates and can save the most money when consolidating your debts.

How to consolidate debt

Most major lenders offer debt consolidation and you can usually apply online. Debt consolidation can be a great way to take control of separate debts and save money by making them easier to repay.

However, these debt consolidation isn’t for everyone - you should compare fees, interest rates and loan features to make sure that consolidating your existing debts will save you money, not cost you more.

Read our debt consolidation loan guide to learn more about how to apply, how to compare your options, and what you’ll need to get approved.

The right debt consolidation loan can save you $1,000s


Debt Consolidation Calculator FAQ

Does debt consolidation have higher interest rates than other loans?

Not usually. Provided you meet the lender’s credit criteria, debt consolidation should provide you with a similar or lower rate than comparable loan products.

Will debt consolidation damage my credit score?

If you manage your debt consolidation well, it shouldn’t hurt your credit score. In fact, it could help improve it - make repayments on time every time, reduce your total debt, and avoid submitting multiple applications.

Can I consolidate debt from more than one credit card?

Yes, you can consolidate as many debts as you like with a debt consolidation loan, provided you are able to borrow enough to cover those debts.

Can I consolidate debt with bad credit?

Yes, you can choose bad credit debt consolidation if it suits your financial circumstances. Be aware that any credit application will impact your credit score, and it’s advisable to repair your credit score if possible before applying to ensure you get the best deal.


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© Copyright 2021 Money Ltd.


Money Pty Ltd (trading as provides information about credit products and is authorised to do so as the holder of Australian Credit Licence 528698. does not compare every Lender in Australia. We are not a broker or credit provider and when we provide information via this website, we are not providing you with a recommendation or suggestion about a particular credit product. When you apply for a credit product via the website, you are not applying with us, you are applying directly with a Lender Partner. Before entering into any credit product from one of our Lender Partners, you should confirm the rates and product information with the Lender. All information on this website is general advice only and does not take into account your objectives, financial situation or needs. You should consider whether this advice is right for you and we encourage you to seek independent financial advice.