Debt payoff and consolidation calculator

Enter your current debts and what you can pay each month, then compare with a single consolidation loan.

Your current debts

Name

Balance (CAD)

Annual rate (%)

Name

Balance (CAD)

Annual rate (%)

Total you pay monthly now (CAD)

Consolidation loan rate (%)

Loan term (months)

Loan fee, paid separately (CAD)

Keep paying current debts

Debt free in: 3 yr 5 mo
Total interest: $3,531.81
Monthly payment: $300.00

Consolidation loan

Debt free in: 3 yr 0 mo
Total interest and fee: $1,373.76
Monthly payment: $274.27

Consolidating would save about $2,158.05 in interest and finish 0 yr 5 mo sooner.

How this is calculated

Current debts: each month, interest is added at the annual rate divided by 12, then your total payment goes to the highest-rate debt first (the avalanche method). Consolidation: one fixed-rate loan for the combined balance, repaid in equal monthly payments, plus any fee. Rates are illustrative inputs, not lender offers; credit card minimum payment rules, promotional rates and late fees are not modelled.

A lower rate only helps if you avoid building new balances on the cards you paid off.

Debt consolidation options in Canada Compare consolidation loans Balance transfer cards

General information only. Nothing you enter is sent anywhere.

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