Debt consolidation · payment comparison
Debt consolidation · payment comparison: use current debt balances, corresponding nominal annual rates in percent, new consolidation nominal annual rate. Review the formula, worked example and calculation steps.
Inputs
Use the units shownEnter your values and select Calculate.
Formula & explanation
Variables & units
- Current debt balances
- comma separated
- Corresponding nominal annual rates in percent
- comma separated
- New consolidation nominal annual rate
- % · minimum 0, maximum 100
- Number of monthly payments
- months · minimum 1, maximum 600
- Fees financed into new loan
- currency · minimum 0, maximum 1000000000000
Worked example
Two zero-interest balances totalling 5,000 over 10 months with no fees require 500 monthly.
Assumptions
Compares fixed rates over the same chosen term. Actual current debts may have different terms, minimum payments or early repayment fees.
Formula version 1.0.0. JavaScript floating-point arithmetic applies. Results display up to 6 decimal places; stored values retain available precision. Use the units shown.
Practice with an example
Use the default input values to find the answer. The reset icon restores those values.
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