Old loans: keep paying or consolidate?
Enter what is running — the calculator puts both routes side by side, including overdraft and early repayment fee.
Frequently asked questions
What is debt consolidation?
You take out a new loan and use it to pay off existing loans and the overdraft. It makes sense when the new rate is lower than the weighted rate of the old contracts — then instalment, total cost or both fall.
When is consolidation worthwhile?
As a rule of thumb: the higher the old rates and the longer the remaining term, the bigger the lever. The strongest effect comes from paying off a permanently used overdraft charged at 10 to 13 per cent. For old loans with less than a year to run the effort is rarely worth it.
May I repay my instalment loan early?
Yes. For consumer loans early repayment is permitted by law (Section 500 BGB). The bank may charge an early repayment fee of at most one per cent of the remaining debt — at most 0.5 per cent if less than twelve months remain.
Does consolidation worsen my score?
In the short term the new loan enquiry may be visible; if you make it as a conditions enquiry it is score-neutral. In the medium term consolidation often has a positive effect: fewer parallel contracts, a cleared overdraft and punctual instalments are exactly what credit bureaus read as order.
Does this calculator store my data?
No. All calculations run in your browser. Nothing is transmitted, nothing is stored and no sign-up is required.