Debt Consolidation Calculator
List what you owe and what you pay each month, then compare it against a single mortgage payment secured against your home.
What you owe today
The new mortgage
Before and after
- Total debt
- $55,000
- Current monthly payments
- $1,560
- Amount consolidated (incl. fees)
- $59,000
- New single mortgage payment
- $398
- Monthly cash freed up
- $1,162
That is $13,940 a year back in your budget.
Estimate only, and a longer amortization can mean more total interest even when the monthly payment drops. Actual rates, fees and approvals depend on a full review of your file. Not an offer or a commitment to lend.
Questions about consolidating debt
- How does consolidating debt into a mortgage lower my payment?
- Unsecured debt is priced on your credit profile, often 20-30%. Mortgage debt is secured by the property and priced far lower, and it is amortized over a longer period. Both effects reduce the monthly payment.
- Does a lower payment mean I pay less interest overall?
- Not automatically. Stretching short-term debt over a long amortization can increase total interest if you only ever pay the minimum. The plan that works is consolidating for cash flow, then paying the new mortgage down faster than required.
- Do I need good credit to consolidate debt in Toronto?
- Not for every route. Institutional refinancing does require reasonable credit and provable income, while alternative and private lenders underwrite mainly on the equity in the property and the exit plan.
Read the full page on debt consolidation in Toronto.
Free consultation
Consolidate with a real quote
Send your debt list and mortgage statement and we will price the refinance, second mortgage and HELOC routes side by side.
- 60+ lenders compared for you
- Residential, commercial, construction, and private financing
- Prefer to talk now? Text (647) 342-1355 for the fastest reply, or call the same number.