Refinance / Debt Consolidation Calculator
Compare current mortgage and debt costs with an estimated refinance, payment, and loan-to-value.
Before you use this tool
What it estimates
Compare current mortgage and debt costs with an estimated refinance, payment, and loan-to-value.
Who it is for
Homeowners considering rolling high-interest debt into mortgage financing.
Numbers you need
Estimated home value, mortgage balance, each debt balance, APR and payoff period, current mortgage terms, proposed refinance terms, and fees or penalty.
What the result means
The tool compares estimated remaining borrowing cost, monthly payments, loan-to-value, and any lasting cost crossover under the entered schedules.
Next step
Review refinance options carefully, including payment relief, total interest, penalties, and qualification.
Check my refinance optionsDebts to compare
Enter up to three balances, APRs, and intended payoff periods. A zero balance is ignored. The tool calculates the corresponding monthly payments so both paths use a consistent payoff schedule.
Non-mortgage debts use APR divided into monthly periods. Actual credit-card, line-of-credit, and loan calculations may use daily balances, variable rates, minimum-payment rules, or additional fees. Confirm each statement or agreement.
New mortgage
$478,000
Estimated LTV
63.7%
New payment
$2,915
Monthly payment relief
$872
Lower payments are not the same as savings.
$196,038 higher estimated borrowing cost
This compares remaining interest on the current mortgage and listed debts with proposed refinance interest plus the entered fees and penalty. It assumes every entered rate and payoff period remains unchanged. Lower monthly payments do not establish lower cost.
- Keep current mortgage + debts
- $206,429
- Proposed refinance + entered costs
- $402,467
- Calculated current debt payments
- $1,191/month
- Lasting cost crossover
- None in these schedules
- 80% home-value planning ceiling
- $600,000
- Interest on listed debts
- $13,381
“Lasting crossover” is the first month after which cumulative refinance interest and entered costs remain no higher through the end of both modeled schedules. No crossover means the proposed path does not stay below the current path under these inputs.
Loan-to-value
Estimated LTV is 63.7% with $170,000 of room below the 80% planning ceiling.
Monthly payment relief
Estimated monthly payments fall by $872.
Total borrowing-cost illustration
Including the entered fees, the proposed refinance shows $196,038 more estimated borrowing cost than keeping the current mortgage and repaying the listed debts over their entered periods.
Frequently asked questions
How much home equity do I typically need to refinance in Canada?
A conventional refinance is commonly estimated up to 80% of the home's value, which generally leaves at least 20% equity after the new mortgage amount. The available amount depends on the appraisal, lender criteria, credit, income, debts, and property. The maximum mortgage calculator can provide a separate affordability estimate, but neither calculator is a lender approval.
Does consolidating debt into a mortgage always save money?
No. Consolidation may reduce the estimated monthly payment because mortgage rates are often lower than unsecured-debt rates or because repayment is extended, but a longer amortization can increase total interest. The calculator compares the entered debt payoff schedules with proposed refinance interest and costs, but it cannot predict changing rates, new borrowing, or lender terms. Compare both monthly cash flow and total borrowing cost before proceeding.
Which debts can usually be included in a mortgage refinance?
Credit cards, lines of credit, personal loans, and some other obligations may be considered, but what can be paid out depends on lender criteria, available equity, documentation, and the refinance structure. Consolidation does not erase the debt; it moves eligible balances into secured borrowing. The GDS/TDS calculator can show how monthly obligations affect an estimated debt-service picture before refinancing.
What costs should I include in a refinance estimate?
Typical estimates may include the current lender's prepayment charge, discharge or registration costs, legal fees, appraisal costs, and any lender or broker fees that apply to the specific option. Some costs may be paid in cash or added to the mortgage if lender criteria allow. Confirm written payout and fee figures before relying on the calculator's borrowing-cost comparison.
How does the calculator estimate current debt costs?
For each listed debt, the tool calculates a level monthly payment from the entered balance, APR, and remaining payoff months, using APR divided into monthly periods. It then adds that estimated interest to the remaining mortgage interest. Actual credit cards, lines of credit, and loans may use daily balances, variable rates, changing minimum payments, promotional terms, or additional fees, so compare the illustration with each statement or agreement.