Debt Consolidation Calculator

The Debt Consolidation Calculator will help you figure out whether consolidating your debts (credit cards, loans, etc.) by taking out a mortgage makes sense
The Canadian Debt Consolidation Calculator is a great tool for those looking to consolidate all their debts into one low interest credit facility. Read More
Are you neck deep in credit card debt? Or perhaps you have several outstanding loans that you're struggling to pay off? If so, a Debt Consolidation Loan may be right for you. Consolidating your debt will allow you to take advantage of both lower payments as well as lower interest charges. This could affectively help you pay off your debt a lot sooner. If you have access equity in your home, a mortgage or a home equity line of credit (HELOC) are likely the best ways to consolidate your debt. This is because the interest rate on a mortgage/HELOC tends to be lower relative to other credit facilities such as credit cards and car loans. Whether you're looking for debt consolidation in Ontario, BC, or any other province in Canada, this calculator can help you determine whether a Debt Consolidation Loan makes sense for you. The calculator also helps you analyze how much you would save if you consolidated your debt and how much faster you'd be able to pay if off.
Debt Details
Debt Type
Interest Rate
Balance
Payment/Month
%
$
$
%
$
$
%
$
$
Are you sure you want to remove this debt?
Yes
Cancel
Total
Interest Rate
0.00 %
Balance
$0.00
Payment/Month
$0.00
Add Another Debt
Debt Consolidation Loan Details
$
Do you currently have a mortgage on the property?
Do you currently have a HELOC on the property?




Calculate
Disclaimer:
The Debt Consolidation Calculator should be used for illustration purposes only – all numbers are estimates. You may find it that you have to refinance your mortgage in order to consolidate your debts. Doing so could result in you having to incur a mortgage pre-payment penalty. These penalties are complex and tend to vary across lenders. The estimated penalty from refinancing your mortgage as given by the calculator will not necessarily reflect the actual penalty you will incur if you decide to break your mortgage early. While federally regulated financial institutions are only able to provide new HELOC financing with a maximum LTV of 65%, you may still be able to obtain a 80% LTV HELOC with a provincial credit union. If you’re thinking of consolidating your debts into a mortgage or HELOC you should discuss your decision with a mortgage professional.
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