Debt Consolidation Calculator
Compare if consolidating your debts into one loan benefits you.
Current debts
Consolidation loan
%
Total to consolidate
€16.000
Weighted average rate: 17.00%
Potential savings
€5949
Comparison
CurrentConsolidated
Monthly payment€360€324
Total interest€9414€3465
Payoff time5a 11m5 años
Monthly savings
+€36
per month
Consolidation recommended
You'll save money consolidating your debts with these terms.
What is debt consolidation?
Combining multiple debts into one loan, ideally with a lower interest rate. Simplifies payments and can reduce total cost.
When to consolidate?
When you can get a rate lower than your weighted average current rate and the term isn't excessively long.
Advantages and disadvantages
Pros: single payment, possibly lower rate, fixed term. Cons: may extend debt, risk if secured by home, possible fees.