Finance & Irish taxes · Calculator companion · By K Imports
Debt consolidation comparison: practical guide
This guide explains how to use the Count.ie debt consolidation comparison. Compare existing debts with one replacement loan. Follow the inputs, method and worked example below, then compare your own scenario.
Guide written .
Open the Debt consolidation comparison calculatorWhat to prepare
- Have the figures for consolidation annual rate (%), new term (months) and all-in upfront fees (€) ready, from a dated document, with the period (annual, monthly or per transaction) that each input expects.
- Note the date of the transaction, since this model has no year selector and fixed rates may have changed.
- Separate known facts from assumed rates before relying on the headline result.
Understand the inputs
The calculation method
Calculate remaining payments on each existing debt and the replacement loan on the same total principal.
Worked example
Illustrative inputs and their result.
Example inputs
- Current loans: balance, annual rate %, payment
- 5000, 15, 180 8000, 8, 250
- Consolidation annual rate (%)
- 7
- New term (months)
- 60
- All-in upfront fees (€)
- 150
Calculated example result
- New Monthly Payment
- €257.42
- Total Cost Saving
- -€386.32
How to interpret the result
Rows: balance, rate %, payment. Distinguish a tax saving, a tax bill, cash received and money remaining: they are not interchangeable. An estimate does not establish eligibility, filing compliance or when a refund will be paid.
Change one input of debt consolidation comparison at a time and record the result; keep a record of the year, date and assumptions so a change in the result can be explained.
Common mistakes to avoid
- Do not mix tax years or apply a newly announced measure to an earlier transaction.
- Avoid counting an allowance, credit, contribution or loss twice.
- Check exclusions and personal circumstances before relying on the headline result.
Assumptions and sources
Rows: balance, rate %, payment. Upfront fee includes entered early repayment charges; extending a term can cost more.
If your case falls outside this scope, use a more suitable calculator or contact us about an unclear method.