Loans & insurance · debt consolidation
Debt consolidation calculator 2026
A consolidation loan (yhdistelylaina) combines several credits into one. The calculator compares your current debts’ monthly payments and remaining interest with a single combined loan at a new rate and term. For example, three debts (16,000 € total, 600 €/mo of payments) consolidated at 9% over 60 months give a 332.13 € payment — a 267.87 €/mo saving.
Important: a lower monthly payment does not always mean a lower total cost. In the same example the term lengthens, so about 828 € more interest accrues than on the current debts. The calculator shows both figures so you can see the real benefit. It is indicative and is not a loan offer.
Debt consolidation
Current debts
New consolidation loan
Monthly saving
€268/ mo
The difference between current payments and the new monthly payment.
| Current payments total | €600 |
| New monthly payment | €332 |
| Monthly saving | €268 |
| Remaining on current debts | €19,100 |
| Consolidation loan total | €19,928 |
| Total-cost difference | -€828 |
The calculator is indicative and is not a loan offer. The payoff time and interest on current debts are computed from the values you enter, which are estimates. The rate, costs and terms offered by a financier may differ. Consider the total cost, not just the monthly payment.
How is the consolidation saving calculated?
For each current debt the calculator derives the remaining payoff time from the balance, rate and monthly payment, and from that the remaining interest. The consolidation loan combines the balances into one loan (plus any arrangement fee) at a new rate and term. The result shows two figures: the monthly-payment saving (usually positive, as the payment falls) and the total-cost difference. For example, three debts (16,000 € total, 600 €/mo of payments) consolidated at 9% over 60 months give a 332.13 € payment: a 267.87 €/mo saving, but because the term lengthens, the total cost rises by about 828 €.
When is consolidating loans worth it?
Consolidation almost always lowers the monthly payment, because the term lengthens and several payments are replaced by one. But the real saving arises only when the new loan’s rate is clearly lower than the current debts — especially the high rates on credit cards and quick loans. So always compare both the monthly payment and the total cost.
The calculator derives each current debt’s payoff time from its balance, rate and monthly payment. If the payment doesn’t cover the interest, the debt never shrinks, and the calculator flags it separately. These high-interest, slowly amortizing debts benefit most from consolidation.
If the consolidation loan is an unsecured consumer credit, the consumer-credit rate cap (H1/2026: 17.50%) and cost cap (150 €/year) apply. A secured loan (e.g. against a home) is exempt from the cap but usually carries a lower rate. The calculator warns if the rate you enter exceeds the cap.
Beyond the money, managing one loan is easier than several: one due date and one bill reduce the risk of missed and overlapping payments. If you have payment difficulties, contact your creditor early and, if needed, financial and debt counselling (talous- ja velkaneuvonta).
Frequently asked questions
Is consolidating loans worth it?
Consolidation almost always lowers the monthly payment, because the term lengthens. But that doesn’t mean you pay less: a longer term can raise the total interest. Whether it pays off depends on getting a clearly lower rate than your current debts and keeping the term reasonable. Always compare both the monthly payment and the total cost.
How does the calculator know the current payoff time?
It derives it from the balance, rate and monthly payment using the annuity formula. If the payment doesn’t cover the interest, the debt never shrinks — then the calculator flags it separately and doesn’t compute a payoff time for it.
Does the rate cap apply to a consolidation loan?
Yes, if the consolidation loan is an unsecured consumer credit: the nominal rate may be at most 17.50% (1.1.–30.6.2026) and other costs at most 150 €/year. Secured loans (e.g. against a home) are exempt. The calculator warns if the rate you enter exceeds the cap.
What is the benefit beyond the monthly payment?
One loan and one due date are easier to manage than several debts. It can also reduce the risk of multiple account and late-payment fees. But the financial benefit arises only if the rate drops — simply combining debts at a higher rate does not save money.
Does consolidation affect my credit record?
Applying for a new loan triggers a credit inquiry, and the consolidation loan shows as a new credit. If the old credits are paid off and the new loan is serviced on time, the overall picture can clear up. If you have payment difficulties, contact your creditor and, if needed, financial and debt counselling (talous- ja velkaneuvonta).
Can I also consolidate card debt and quick loans?
Yes, you can enter the balance, rate and payment of any debt — credit cards, quick loans, hire-purchase and consumer loans. Consolidating high-interest debts into a lower-rate loan brings the greatest benefit.