Wondering whether a debt consolidation plan could reduce your monthly repayment? Use this calculator to estimate what combining multiple debts into one loan might look like.
Enter your current debt obligations and we will estimate what a single monthly repayment could look like under a debt consolidation plan.
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Don’t worry if the numbers aren’t exact – rough estimates still help give you a good idea.
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Debt consolidation terms
Enter the terms of a debt consolidation loan quote from a lender, or use suggested market-average terms to estimate how a debt consolidation plan could affect your repayment.
This calculator works based on the following assumptions:
Monthly payments remain fixed throughout the repayment period, with no early or additional repayments made.
No early repayment fees are included.
When an existing loan is fully repaid, your total monthly repayment amount will decrease – the amount from the paid-off loan is not redistributed to other loan payments.
The interest rate is divided evenly across 12 monthly payments.
Interest is charged at the same frequency and on the same day as each monthly repayment.
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Your debt consolidation results
All results from this calculator are for guidance only and do not constitute financial advice. Actual loan terms, rates and your final debt consolidation plan may vary depending on your financial profile and lender assessment.
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A debt consolidation loan is a type of personal loan used to repay multiple existing debts. When used this way, it forms a debt consolidation plan: instead of managing several balances and repayment dates, you move to one loan with one monthly repayment and one repayment period.
Additionally, debt consolidation may reduce your monthly repayment if the new loan has a longer repayment term or a lower interest rate than your current debts. Read more here: Debt consolidation in Hong Kong.
Struggling with multiple high-interest debts?
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A debt consolidation plan shall help replace several high-interest debts with one loan, making repayment easier to manage and potentially lowering your monthly repayment.
You may be able to choose a repayment period that better fits your budget, from shorter terms to extended plans of up to 72 or even 84 months depending on the lender.
Repeated borrowing to manage existing debts can put pressure on your credit profile. Moving to one structured repayment plan may help you manage repayment more consistently over time.
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