Debt consolidation calculator
Put in what you owe and what you pay now. Pick a rate and term for one loan. You'll see the new repayment, and whether it costs more or less over the full term.
Your debts now
One new loan
Before and after
You pay now, per month
$820.00
Across 3 debts, $24,500 owing
One loan, per month
$538.82
$24,500 over 60 months at 11.50% p.a.
That's $281.18 less per month.
Interest left to pay on your debts now
$8,118
Interest and fees on the new loan
$7,829
Debt free now, at these repayments
4 years
Debt free with one loan
5 years
On these numbers you'd also pay about $289 less in interest and fees overall.
See each debt
| Debt | Owing | Rate | Paid off in | Interest left |
|---|---|---|---|---|
| Credit card | $8,000 | 20.99% | 4 years | $3,828 |
| Personal loan | $15,000 | 13.50% | 3.8 years | $4,290 |
| Buy now pay later | $1,500 | 0.00% | 10 months | $0 |
Your current debts are worked out month by month at the rate and repayment you entered, with no new spending, fees or rate changes. Credit card minimum repayments usually fall as the balance falls, so a card can take longer than shown. Weekly = monthly × 12 ÷ 52; fortnightly × 12 ÷ 26.
This calculator is a guide only and does not take your personal circumstances into account. It is not an offer of credit, a quote, or a suggestion that you are eligible for a loan or that consolidating will suit you. The interest rate is one you enter, not a rate offered by Better Money or any lender. Where a lender advertises a rate it must show a comparison rate; ask your Finance Specialist for the comparison rate on any option before you decide. Check for early payout fees on your current debts.
Better Money Pty Ltd ABN 95 668 432 086, Authorised Credit Representative 552 640 of Australian Credit Licence 531308.