Debt consolidation calculator

Type Debt outstanding Annual interest Minimum monthly payment
per month (x)
Totals
1
2

Determining available equity

(
$300,000 current home value
x
80% maximum loan to value ratio
) -
$100,000 current mortgage
=
$150,000 available equity
3
The maximum amount that you can withdraw when refinancing your mortgages is limited to 80% of the value of your home. $155,000 $0

Your new mortgage amount

$100,000 current mortgage
+
$50,000 additional equity
=
$150,000 new mortgage

We'll help you find the best rates

We'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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The mortgage term is the amount of time a homebuyer commits to the rules, conditions and interest rate agreed upon with the lender. The term can be anywhere from six months to 10 years, with a 5-year mortgage term being the most common duration.
How often would you like to make your new mortgage payments? Choose between weekly, semi-monthly, monthly or yearly.
Enter the date you entered into your original (existing) mortgage contract.
The balance of your original (existing) mortgage the day you are planning to refinance.
Enter the current mortgage payment you make whether semi-monthly, monthly or semi-monthly. I don't know this, help me estimate. Enter the frequency with which you currently make mortgage payments: monthly, semi-monthly or yearly.
Enter the balance of your mortgage on the initial signing date of your contract. Enter the amortization of your mortgage on the initial signing date of your contract.
Which mortgage lender is providing your current (existing) mortgage contract?
The mortgage term is the amount of time a homebuyer commits to the rules, conditions and interest rate agreed upon with the lender. The term can be anywhere from six months to 10 years, with a 5-year mortgage term being the most common duration.
Is your current mortgage rate variable or fixed?
Enter the mortgage rate you are currently paying on your existing mortgage rate.
The discount you received when signing your contract. For example if the posted rate at the time was 5.0% and you ended up paying 3.0%, your discount would have been 2%. I don't know this, help me estimate.

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.


We’ve estimated your current mortgage payment based on your inputs above. Please adjust if you’ve taken advantage of your prepayment options. The balance of your original (existing) mortgage the day you are planning to refinance.

Will refinancing help you?

status quo DEBT CONSOLIDATION
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.

Speak to a broker now

You can access up to $50,000 by refinancing.

Speak to a broker now

*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.


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