Canada Debt Consolidation Calculator

It compares the estimated monthly payment, payoff time, interest and fees for your current debt with a hypothetical consolidation loan. It also shows first-year principal reduction, a same-budget payoff path and a break-even loan rate.

It is an educational estimate based on the balances, annual rates, payments, fees and terms you enter. Real statements may use daily interest, changing minimums, promotional offers, fees or other rules that produce different results.

No. The calculator runs in your browser and does not submit, store or place your debt entries in a URL. Only a separate contact form sends information; do not put account numbers or other sensitive details in it.

Yes. Enter debt totalling CAD $50,000 and test the annual rate, fee and term for the loan you are considering. The calculation does not determine whether you qualify or what rate a lender may offer.

The core comparison is the same: several eligible balances and payments are compared with one proposed loan. Confirm that each bill or agreement can practically be refinanced before including it.

You can model mixed rows, but the calculator only compares cash flow. Secured car financing, lines of credit and unsecured borrowing can have different rights, fees or consequences that the calculation does not capture.

No. A lower payment can come from a longer repayment period and increase total interest. Compare both the total cost and payoff time, not only the next monthly payment.

An annual rate makes credit products easier to compare. Enter any lender fee separately here because Canadian lenders can charge or finance fees in different ways.

It is the highest modelled annual loan rate that produces no more combined interest-and-fee cost than keeping your current debt, at the selected term and fee. It is a mathematical threshold, not a promised rate.

A fee increases the cost of a new loan immediately. If it is added to the modelled balance, it can also accrue interest. Verify whether the lender deducts, adds or separately charges the fee before relying on the comparison.

The monthly payment entered is less than or equal to that month's modelled interest, so the balance cannot fall under the fixed-payment assumption. Check the statement values or increase the payment in the scenario.

It applies the total amount you currently pay across debt to the consolidation loan, even when the required payment is lower. The comparison shows how maintaining that budget could shorten payoff and reduce interest.

Mark eligible credit-card balances, then enter the transfer fee, promotional rate and duration, rate after the offer and planned payment. Compare that path with the fixed-rate loan on total cost, payoff time and monthly commitment.

Yes. Enter one or more card balances as current debt and compare them with a proposed personal loan. Use the lender's actual annual rate, term and fee, and remember that using paid-off cards again changes the outcome.

Use the consolidation-loan fields for its fixed annual rate, term and lender fee. The calculator does not assess creditworthiness, lender eligibility, variable-rate clauses or whether the loan is truly unsecured.

You can compare the payment calculation, but car financing may be secured by the vehicle. A replacement loan can change security rights, insurance requirements, prepayment terms and repossession risk, none of which this calculator values.

It is generally a personal instalment loan used to pay several debts, leaving one scheduled payment. A single payment can be simpler, but whether it is cheaper depends on the rate, fees, term and what happens to old accounts.

No. Consolidation normally replaces or combines debt while preserving the amount owed. A consumer proposal is a formal offer to creditors and can have very different legal, credit and long-term consequences.

This calculator cannot predict a score change. An application, new account, payment history, balances, utilization, account closures and later card use can affect Canadian credit files differently.

Do not rely on a calculator alone. Contact your creditors promptly and consider a reputable credit counsellor. Be cautious of companies that guarantee relief or tell you to stop paying creditors.

Not as ordinary unsecured debt without checking first. Canada Student Loans can have repayment assistance and other program protections that this general model does not reproduce.

It can reproduce basic payment maths, but it does not model legal costs, tax issues, home-value risk or the fact that missing payments on home-secured borrowing can put the property at risk.

Use the disclosed annual rate, amount financed, lender fee, payment, term, total of payments, prepayment rules and whether fees are deducted or financed. Ask the lender to explain any figure that does not match your model.

Test a higher rate, longer term and actual lender fees; confirm every payoff amount; check your budget; and compare the result with the lender's disclosure. A modelled saving does not guarantee approval or a better real-world outcome.