Debt consolidation calculator
Type | Debt outstanding | Annual interest | Minimum monthly payment | |
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per month | (x) | |||
Totals |
Maximum mortgage refinance value
Determining available equity
Your new mortgage amount
Select your new mortgage rate
We'll help you find the best ratesWe're a search engine for Canada's best mortgage rates. Let us help in getting you the best rates for your new mortgage. |
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Estimate your mortgage break penalty
Based on your inputs we've estimated your mortgage payment and remaining mortgage. Adjust these amounts if you've taken advantage of your prepayment options.
Will refinancing help you?
status quo | DEBT CONSOLIDATION | |
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Non-mortgage debt | ||
One time refinance penalty | ||
Mortgage debt | ||
Total debt | ||
Weighted average interest | ||
Payment | ||
Payback period |
You could save $200 a year by refinancing. |
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You can access up to $50,000 by refinancing. |
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*Disclaimer: Please note that the calculation results are estimates based on our most up-to-date information sourced from lenders’ publicly stated methodology and first-hand accounts. This information is subject to change. The results do not include special offers, such as cash back incentives, or any discharge, registration, reinvestment or transfer fees you may also incur. For an exact penalty calculation, contact your lender directly.
Debt Consolidation Calculator
Of the 10% of Canadians who refinanced their mortgages last year, 62% cited debt consolidation or repayment as the main reason for their refinance. This is because consolidating high interest debt – like credit card balances and auto loans – into a low interest mortgage can save you thousands in interest payments. Mortgage loans come with the lowest interest rates because they are securitized; or in other words, they are backed by an asset – your home. If you were unable to make your mortgage loan payments, the bank has a claim on your house, and this makes your loan less risky.
In order to determine if you can consolidate debt into your mortgage, you start by determining how much available equity you have. In Canada, this is determined by taking 80% of your home’s value and subtracting any existing mortgage balance.
As a refinance for debt consolidation requires you to terminate your existing contract with your lender and enter into a new mortgage, you will have to pay a mortgage break penalty. This is determined through a number of factors including your original mortgage contract date and current mortgage balance and rate.
Ratehub.ca’s debt consolidation calculator will start by showing you how much equity you have available to consolidate your various loans. We will then show you your total interest savings potential from a consolidation and also highlight the cost of refinancing your mortgage.