Loan Consolidation Calculator

Should you consolidate your loans? Enter your current debts and compare keeping them vs one consolidation loan — save money or lower monthly payments.

UniversalBreak-Even AnalysisFree

Current Loans

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Loan 2

Loan 3

Consolidation Loan Terms

Recommendation
Current Total Monthly
New Monthly Payment
Monthly Savings
Total Interest Savings
Break-Even Period
Total Balance to Consolidate
Consolidation makes sense when the new rate is lower than your weighted average current rate AND you need cash flow relief. Be cautious of extending the loan term too much — a lower monthly payment with longer tenor can cost more in total interest.

Frequently Asked Questions

When should I consolidate loans?
Consolidate when: (1) The new interest rate is lower than your weighted average current rate, (2) You're struggling with multiple due dates, (3) You need lower monthly payments for cash flow. Don't consolidate when: you would extend a short-term loan into a long-term one and pay more total interest, or when fees make it not worthwhile.
Where can I get a loan consolidation in Africa?
Most commercial banks offer personal loan consolidation: Equity Bank (Kenya), GTBank (Nigeria), Standard Bank (South Africa), Absa, Stanbic, and others. You apply for a single personal loan equal to your total outstanding debt, then use it to pay off all existing loans. SACCOs in Kenya also offer competitive consolidation loans.
Does loan consolidation hurt my credit score?
A consolidation loan involves one hard credit inquiry (minor temporary dip, -5 to -10 points). However, closing multiple accounts and having one new account can temporarily affect your score. The positive long-term effects (lower utilization, on-time payments on one loan) usually outweigh the short-term impact within 6-12 months.