Debt Consolidation Calculator
See if consolidating multiple debts into one loan saves you money.
2026 Tax YearData stays on your deviceUpdated Apr 1, 2026
Current Debts
Consolidation Loan
Consolidation saves $874.88 in interest
Current Debts
Total Balance
$23,000.00
Monthly Payments
$800.00
Total Interest
$5,200.54
Consolidated
Loan Amount
$23,000.00
Monthly Payment
$455.43
Total Interest
$4,325.65
Frequently Asked Questions
When does consolidation make sense?
When the consolidated loan rate is lower than the weighted average rate of your existing debts, and you commit to not accumulating new debt on the freed-up credit facilities.
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Built and reviewed by Konstantin Iakovlev · Data from CRA, CMHC, Bank of Canada · MethodologyDisclaimer: This calculator provides estimates based on publicly available data from CRA and other government sources. It does not constitute financial advice. Consult a qualified advisor for decisions about your specific situation.
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