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Debt Consolidation Calculator (Portugal)

Is it worth combining your loans into one? This calculator adds up the outstanding balances of the debts you enter and works out the single monthly payment of a new consolidated loan from the interest rate (TAN) and the term. It shows the monthly saving against the sum of your current payments, the TAEG (APR) and the total cost of the new credit, so you see both sides: the payment drops, but a longer term can raise the total interest.

Debts to combine

Enter the outstanding balance and current monthly payment of each debt you want to combine, plus the rate (TAN) and term of the new consolidated loan. The monthly saving compares the new payment with the sum of the current payments.

New monthly payment
€284.45
Monthly saving
€295.55
TAEG (real cost)
8.84%

Consolidation summary

Debts consolidated3
Total owed (new principal)€16,000.00
Current payments (sum)€580.00
New monthly payment€284.45
Monthly difference€295.55
TAN (nominal annual rate)8.5%
TAEG (effective cost)8.84%
Total paid (72 instalments)€20,480.70
Of which interest€4,480.70
Total cost of the new credit€4,480.70

Educational estimate, not financial advice. It combines the balances into one loan and computes the payment (French system) at the TAN you choose and the TAEG with the upfront fee you enter. It excludes the early-repayment commission on the current loans, monthly commissions, insurance and stamp duty.

What debt consolidation is

Consolidating (or combining) loans means replacing several debts (a personal loan, a credit card, a car loan) with a single new loan and one monthly payment. The bank settles the old debts and finances the sum of the balances. The usual goal is to lower the total payment and simplify your finances, normally by lengthening the term.

How the new payment is calculated

The principal of the new loan is the sum of the balances you still owe. The payment is constant (the "French" amortisation system): payment = principal × i / (1 − (1 + i)^−n), where i is the monthly rate (the TAN divided by 12) and n is the number of months. The monthly saving is the sum of your current payments minus the new payment. The calculator reuses the same maths as the personal-loan calculator.

The flip side: a longer term, more interest

Lowering the payment almost always means lengthening the term, and more time paying means more interest overall. That is why the calculator also shows the total cost of the new credit (the interest plus any fees): a lower payment today can cost more over several years. Always compare offers by the TAEG, which measures the real cost, not just by the size of the payment.

Worked example

Imagine three debts: a credit card with €3,000 owed and €150/month, a personal loan with €8,000 and €250/month, and a car loan with €5,000 and €180/month, €16,000 owed in total and €580/month. Consolidating the €16,000 into a new loan over 72 months (6 years) at an 8.5% TAN, the new payment is about €284.45/month, a saving of about €295.55 a month. The TAEG would be 8.84% and, over the 6 years, you would pay about €20,481, of which about €4,481 is interest. The payment falls sharply, but the longer term means you pay interest for longer.

Frequently asked questions

What does consolidating loans mean?
It means combining several debts (a personal loan, a credit card, a car loan) into a single new loan with one monthly payment. The bank settles the old debts and finances the sum of the outstanding balances, usually over a longer term, which lowers the total payment.
How is the consolidated payment calculated?
The principal of the new loan is the sum of the outstanding balances. The payment is given by the amortisation (French-system) formula: payment = principal × i / (1 − (1 + i)^−n), where i is the monthly rate (the TAN ÷ 12) and n is the number of months. The calculator compares that new payment with the sum of the payments you make today.
Is consolidating cheaper?
It almost always lowers the monthly payment, but not always the total cost. Because consolidation usually lengthens the term, you pay interest for longer and can pay more in total, even at a lower rate. Always look at the total cost of the credit and compare offers by the TAEG, not just by the payment.
What is included in this estimate?
The new payment includes the principal (the sum of the balances) and interest at the TAN you choose; the TAEG also includes the upfront fee you enter. It excludes the early-repayment commission on the current loans (usually 0.5% or 0.25% of the capital), monthly commissions, insurance and stamp duty, which raise the real TAEG a bank shows.
Are the figures guaranteed?
No. It is an educational estimate at the rate and term you choose. A real bank offer may include commissions, insurance and taxes, and is subject to credit approval. The rate also cannot exceed the maximum rate Banco de Portugal publishes each quarter. It is not financial advice.

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Author: Thorben Rasmus Idel · Reviewed by: Nahar Geva · Last reviewed: 2026-06-27