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Free Debt Consolidation Calculator for Canadians

See exactly how much you could save each month by consolidating your debts through home equity. Built from data on 276 funded Canadian deals.

How the Debt Consolidation Calculator Works

Our calculator takes the real numbers from your financial situation and shows you what debt consolidation through home equity could look like. It is not a generic tool with made-up figures. The rates, savings estimates, and timelines are calibrated from data collected across 276 funded debt consolidation deals for Canadian homeowners.

What You Enter

The calculator asks for four pieces of information:

  • Your debts — credit cards, personal loans, car loans, lines of credit. You enter each one with its balance, interest rate, and minimum payment. The median consumer debt in our dataset is $106,000, but the calculator works for any amount above $25,000.
  • Your income — gross annual household income. This helps determine what lenders may offer and how much room you have in your budget.
  • Your home value and mortgage balance — these two numbers determine your available equity. Most lenders allow borrowing up to 80% of your home value (loan-to-value ratio), minus your existing mortgage.
  • Your credit score — this is the single biggest factor in what interest rate you will receive. The median credit score in our dataset is 649. Scores above 680 typically access better rates, but consolidation is available across the full credit spectrum.

What the Results Tell You

After running your numbers, you will see three key metrics:

Monthly Savings
The difference between what you pay now across all debts and what a single consolidated payment would be. Canadian homeowners in our data typically save $500 to $1,000 per month.
Total Interest Saved
How much less interest you pay over the life of the consolidated loan versus continuing with your current debts. Credit card interest at 19-22% versus mortgage rates of 4-8% creates substantial savings.
Payoff Timeline
How long it takes to become debt-free under consolidation versus your current payment schedule. Many homeowners shave years off their debt-free date.

Who Is This Calculator For?

This tool is built for Canadian homeowners who carry $25,000 or more in consumer debt (credit cards, personal loans, car payments, lines of credit) and have equity in their home. The typical person who benefits from consolidation has a credit score between 550 and 750, owes between $40,000 and $200,000 in consumer debt, and is paying 15-22% interest on most of it. In our dataset of 276 funded deals, the median borrower was 54 years old with a credit score of 649 and $106,000 in consumer debt. But the calculator works for anyone with a home and debt to consolidate.

If you do not own a home, this particular strategy will not apply to you. Debt consolidation through home equity requires property ownership with available equity. There are other options like consumer proposals and debt management programs, but they work differently and are not what this calculator models.

Try the Calculator

Enter your debts and financial details to see your personalized consolidation estimate.

Frequently Asked Questions

How accurate is the calculator?
The calculator uses rate ranges and savings estimates calibrated from 276 actual funded deals. Your real rate will depend on your specific credit profile, equity position, and the lender selected — but the estimates give you a reliable ballpark before you talk to anyone.
Is it really free?
Yes. The calculator is completely free with no signup required. We built it so Canadian homeowners can see their numbers before deciding whether consolidation makes sense for them.
What credit score do I need?
There is no minimum to use the calculator. For actual consolidation, options exist across the full credit spectrum. The median credit score in our dataset is 649. Higher scores access better rates, but homeowners with scores in the 500s have successfully consolidated too.
What if I don't own a home?
This calculator specifically models debt consolidation through home equity. Without home ownership, this strategy does not apply. You may want to explore consumer proposals or debt management programs instead — those are separate services not offered here.
How is this different from a debt management program?
A debt management program (DMP) negotiates lower interest rates with your creditors and you pay them back in full over 4-5 years. Debt consolidation through home equity replaces all those debts with a single, lower-rate mortgage payment secured against your property. The interest rate difference is substantial — DMPs might reduce you to 8-10%, while a mortgage consolidation could be 4-8% depending on your credit.

Ready to See Your Real Options?

Get a free soft credit check to see exactly what lending products and rates you qualify for — no impact to your credit score.

This calculator provides estimates for educational purposes only and does not constitute financial advice. Actual rates, savings, and eligibility depend on your complete financial profile and lender approval. All mortgage services are provided under the brokerage licence of Blue Pearl Mortgage Group Inc. BCFSA Licence #X300317.