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Debt consolidation calculator

Find out how much you could save with debt consolidation in Canada with our consolidation calculator.

Simply enter each of your outstanding balances in the calculator below, including the interest charged on each one, and how much your total monthly payment is. Once you press Calculate the calculator will automatically tell you how much you can save with a debt consolidation loan.

Debt Consolidation Savings Calculator

Calculate how much you could save by consolidating your debt in Canada

Your current balances
1)Debt amountInterest rate
$
%
2)Debt amountInterest rate
$
%
3)Debt amountInterest rate
$
%
Total monthly payments
$
Add another balance
New loan terms
Loan length in years
Years

Fill out the form and click “Calculate” to see your estimated savings and new monthly payment.

or

Compare debt consolidation loans now

You’ll save an estimate of !

Before ConsolidationAfter Consolidation
Balance$$
Interest rate%9%
Year(s) to pay off~
Monthly payment$$
Total interest paid
Total balance paid

You currently have a total debt balance of $ with an average rate of %. By consolidating them into a new loan at 9% APR with a -year term, you’d pay approximately $ per month. Your estimated total savings would be .

Your total monthly payments is not enough to cover the interest. Your loan(s) will never be paid off.

What is debt consolidation and how does it work in Canada?

Glossary of terms in our debt consolidation calculator

The process of debt consolidation in Canada might seem confusing with all the different financial terms. Keep reading to learn the definitions of the terms in the debt consolidation calculator above.

  • Debt amount. How much you currently owe on a credit card or personal loan.
  • Interest rate. The percentage of your credit card or loan balance that your lender charges over a year.
  • Total monthly payments. How much you currently pay each month on all of the credit cards and loans you want to consolidate.
  • Loan length. How much time you have to pay off your new debt consolidation loan. Also known as the loan term.
  • Balance. The combined amount that you owe on all of your loans and credit cards. Also, the new balance on a debt consolidation loan.
  • Years to pay off. How much time it will take you to get out of debt. If you consolidate your debt, this is your loan term.
  • Monthly payment. How much you pay on your loan or credit card each month. Or, after consolidating your debt, how much you would pay each month on a debt consolidation loan with that rate and term.
  • Total interest paid. The total amount you’ll pay in interest while paying back your loan. If you enter the loan’s APR, this field shows your loan’s total cost including interest and fees.
  • Total balance paid. The total amount you’ll pay to get out of debt, including the loan balance and total interest paid.

What is debt consolidation?

Debt consolidation is the method of combining multiple debts into one debt. It often allows you to lock in lower interest rates and pay off your debt faster. You also only have to budget to for one monthly repayment to a single company instead for multiple bills.

Consolidating debt can be the right option if you have multiple debts with relatively high interest rates. For example, credit card debt is one of the most common types of debt consolidated in Canada, since credit cards typically have high interest rates and credit limits in the thousands. You can save a lot of money over time by paying one low interest loan rather than paying down the balance on several different cards.

How to maximize savings on a debt consolidation loan in Canada?

The easiest way is to go for the shortest loan term you can afford. A short loan term increases your monthly repayments but reduces how much you pay in interest in the long run. After looking closely at your budget, decide how much you can afford to pay each month towards your debt consolidation loan.

Locking in the lowest interest rate possible is another great way to save over time. You can take steps to improve your credit like checking your credit report for mistakes and paying off smaller debts to keep your credit score strong.

Compare Canadian debt consolidation options

Whether you’re looking for a debt consolidation loan or a balance transfer credit card, you can compare your options in the tables below. Once you’ve decided on the best option for your needs, click the “Go to site” button to apply.

1 - 4 of 4
Name Product Interest Rate Loan Amount Loan Term Requirements Link
LoanConnect Debt Consolidation Loan
5.99% - 46.96%
$500 - $35,000
12 - 60 months
Requirements: min. credit score 300
Go to site
More Info
SkyCap Financial Personal Loan
12.99% - 39.99%
$500 - $10,000
9 - 60 months
Requirements: min. income $1,600/month, stable employment, min. credit score 550, no bankruptcy
Go to site
More Info
Mogo Personal Loan
9.90% - 46.96%
$200 - $35,000
6 - 60 months
Requirements: min. income $13,000/year, min. credit score 500
Go to site
More Info
Loans Canada Debt Consolidation Loan
5.40% - 46.96%
$300 - $50,000
3 - 60 months
Requirements: min. credit score 300
Go to site
More Info
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Compare up to 4 providers

Name Product Welcome Offer Rewards Purchase Interest Rate Annual Fee Min. Credit Score Description
BMO CashBack Mastercard
5% cash back
Up to 3% cash back
20.99%
$0
Min. recommended credit score: 660
Get 5% cash back on all eligible purchases in the first three months of card membership (up to max. spend of $2,500). Plus, get a rate of 0.99% on balance transfers for 9 months. A 2% fee applies to transferred balances.
Tangerine World Mastercard
15% cash back
Up to 2% cash back
19.95%
$0
Min. recommended credit score: 600
Earn 15% cash back (up to $150) when you spend $1,000 in the first 2 months Until December 29, 2022. Plus, get a 1.95% interest rate on balance transfers for the first 6 months (valid within the first 30 days of account opening, 1% transfer fee applies).
OFFER
Tangerine Money-Back Credit Card
15% cash back
Up to 2% cash back
19.95%
$0
Min. recommended credit score: 600
Earn 15% cash back (up to $150) when you spend $1,000 in the first 2 months Until December 29, 2022. Plus, get a 1.95% interest rate on balance transfers for the first 6 months (valid within the first 30 days of account opening, 1% transfer fee applies).
BMO Preferred Rate Mastercard
0.99% rate on balance transfers for 9 months
N/A
12.99%
$0 annual fee for the first year ($20 thereafter)
Min. recommended credit score: 660
Get a rate of 0.99% on balance transfers for 9 months with a 2% transfer fee. Plus, get the $20 annual fee waived in the first year.
BMO Rewards Mastercard
10,000 points
Up to 1 points per $1 spent
20.99%
$0
Min. recommended credit score: 725
Get a bonus of 10,000 BMO Rewards points when you spend $1,000 in the first 3 months. Plus, get a rate of 0.99% on balance transfers for 9 months. A 2% fee applies to transferred balances.
BMO AIR MILES Mastercard
800 Miles
Up to 3x Air Miles for every $25 spent
20.99%
$0
Min. recommended credit score: 660
Get 800 AIR MILES Bonus Miles (enough for $80 towards purchases with AIR MILES Cash). Get a rate of 0.99% on balance transfers for 9 months. A 2% fee applies to transferred balances.
Scotia Momentum No-Fee Visa Card
Up to 5% cash back
1% cash back
19.99%
$0
Min. recommended credit score: 660
Earn 5% cash back on all purchases for the first 3 months (up to $2,000 spend). Plus, get a 0% introductory interest rate on balance transfers for the first 6 months with no balance transfer fee. Apply by April 30, 2023.
Scotia Momentum Visa Card
0% balance transfer for 6 months
Up to 2% cash back
19.99%
$39
Min. recommended credit score: 660
Get a 0% introductory interest rate on balance transfers for the first 6 months. Apply by January 3, 2023.
RBC ION Visa
6,000 points
1.5 points per $1 spent
19.99%
$0
Min. recommended credit score: 660
Earn 6,000 Avion points when you get approved for the card. Apply by November 30, 2022.
RBC ION+ Visa
12,000 points
3 points per $1 spent
19.99%
$48
Min. recommended credit score: 660
Earn 12,000 Avion points when you get approved for the card. Apply by November 30, 2022.
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Compare up to 4 providers

Bottom line

Consolidating debt is especially a smart move when you have high-interest accounts. A low-interest debt consolidation loan could save you thousands if you’re paying off debts that have double-digit interest rates.

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