Debt Consolidation Calculator
See if consolidating multiple debts into one loan saves you money.
Updated 2026Data stays on your deviceData verified Jun 28, 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.
Official Data Sources
Related Calculators
People also use
Built and reviewed by Konstantin Iakovlev · Data from CRA, CMHC, Bank of Canada · Methodology2026 figures on this page verified against official government sources · last check Jun 28, 2026 · methodology · what changed
Disclaimer: 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.