Debt Consolidation Calculator
Compare your current debt payments with a single consolidated loan and see the potential savings.
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Debt 2
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Debt 3
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Debt 4
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Debt 5
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Typically 9–15% for a personal loan
💡Consolidation works best when the new rate is significantly lower than your current average rate. Watch out for extending the term — it can reduce monthly payments but increase total interest paid.
Monthly savings$72
Current monthly payment$250
Consolidated monthly payment$178
Total interest saved$1,529
Current total interest$4,206
Consolidated total interest$2,677
At minimum payments, your current debts would take 5 years to pay off. The consolidated loan takes 5 years.
⚠️Extending the loan term can lower monthly payments but increase total interest. Always compare the total cost, not just the monthly saving.
ℹ️Consider balance transfer credit cards for smaller debts, or talking to your bank about refinancing. Compare personal loan rates across NZ lenders before committing.