Debt Consolidation Savings Calculator
A smaller monthly payment can still cost more over time. Compare both the payment and the full repayment cost when you consider using home equity to consolidate debt.
Enter your details
Monthly payment difference
$617
Your comparison
- Monthly payment difference
- $617
- Current monthly payment
- $1,060
- New monthly payment
- $443
- Total interest and fee difference
- $9,459
- Positive means the new loan costs less over its full repayment period; negative means it costs more.
Assumes one amortizing balance at each rate and no new borrowing. Real credit cards have different minimum-payment rules. A secured loan puts your home at risk if you cannot repay. Compare lender quotes, penalties and all fees before proceeding.
How to use this estimate
The comparison assumes each balance is repaid in equal monthly installments over the years entered. It does not model changing credit-card minimums or additional borrowing, and it does not include fees unless you enter them.
Check the underlying guidance: Financial Consumer Agency of Canada: plan to pay off debt