Active Mortgage · Planning tools
Debt consolidation calculator
Put your current balances on one side and an example consolidated mortgage on the other. The worksheet compares monthly payments and one year of interest so you can see whether rolling debts together is worth a closer look with our brokers.
Active Mortgage — Debt consolidation worksheet
activemortgage.ca · 902-608-6008
What you owe today
| Debt type | Balance | Rate | Interest / yr | Monthly payment | |
|---|---|---|---|---|---|
$ | % | $10,072 | $ | ||
$ | % | $360 | $ | ||
$ | % | $664 | $ | ||
| Total | $244,000 | 4.55% | $11,096 | $1,699 |
Up to ten debts. The first row is your existing mortgage. Rates entered are capped at 25%.
Example consolidated mortgage
The 3.99% starting rate is an example rate only — enter a rate you have actually been quoted.
Fixed-rate payments always use semi-annual compounding. For variable, check how your lender's commitment compounds.
| Product | Amount | Rate | Term (yrs) | Amort. (yrs) | Interest / yr | Fixed payment | Variable payment | |
|---|---|---|---|---|---|---|---|---|
$ | % | $9,833 | $1,645 | $1,645 | ||||
| Total | $244,000 | 3.99% | $9,833 | $1,645 | $1,645 |
The amount starts at your total debts and follows them until you edit it.
Fixed rate: today vs consolidated
| Today | Consolidated | Difference | |
|---|---|---|---|
| Monthly payment | $1,699 | $1,645 | $54/mo lower |
| Annual payment | $20,388 | $19,741 | $647/yr lower |
| Yearly interest cost | $11,096 | $9,833 | $1,263/yr lower |
Variable rate: today vs consolidated
| Today | Consolidated | Difference | |
|---|---|---|---|
| Monthly payment | $1,699 | $1,645 | $54/mo lower |
| Annual payment | $20,388 | $19,741 | $647/yr lower |
| Yearly interest cost | $11,096 | $9,833 | $1,263/yr lower |
This worksheet is an illustration for planning only. It is not a quote or an approval; actual rates, payments and terms depend on the lender and your application.
Team Active Mortgage
Debt consolidation worksheet
October 26, 2026
Your inputs
- Total current debt: $244,000
- Weighted avg rate (current): 4.55%
- Current monthly payments: $1,699
- Recommended type: both
- Recommended amount: $244,000
- Recommended rate (avg): 3.99%
Illustration only; not a quote or approval. Prepared with the Active Mortgage worksheet · activemortgage.ca · 902-608-6008
Reading your results
Consolidating through a mortgage means replacing your current mortgage with a larger one and using the difference to clear other balances. You end up with one payment, usually at a lower rate than credit cards or unsecured lines. Whether that actually leaves you better off is a separate question, and it's the one our brokers focus on.
Monthly relief is not the whole story
A lower payment often comes from spreading short-term debt across a long amortization. That can ease cash flow while raising the total interest you pay over time. The panels above show one year of interest alongside payments so the trade-off stays visible. If clearing the balances would simply free up room to borrow again, the savings can disappear quickly.
Costs to weigh before you refinance
Ending a mortgage term early can trigger a prepayment penalty, and refinancing usually involves legal and appraisal costs. Estimate a possible penalty with our IRD calculator, then compare it with what the worksheet suggests you could save. Borrowing limits based on your home's value also apply, and they vary by lender.
Other routes our brokers may compare
A home equity line of credit, a re-advanceable mortgage or an unsecured consolidation loan may suit some households better than a full refinance. We look at total cost, timing, penalties and your plans for the next several years before suggesting a path.
Questions to consider
Will a refinance show up on my credit report?
A refinance application usually involves a credit check, and the new mortgage is reported like any other loan. Balances you pay off are reported as paid. How your score responds depends on your full credit history, so we can't promise a particular result.
What costs come with refinancing?
Common costs include legal fees, an appraisal and any penalty for ending your current mortgage term early. Some lenders offer to cover certain costs. Our brokers will itemize the costs that apply to your file before you decide.
Are there ways to consolidate without a full refinance?
Depending on your situation, a home equity line of credit, a re-advanceable mortgage or an unsecured consolidation loan may be options. We compare the choices available to you rather than starting with one product.
How much of my home's value can I borrow against?
Lender and regulatory limits apply, and they differ between lender types. Borrowing beyond standard limits typically comes with higher pricing. We'll explain the limits that apply to your property and what going past them would cost.
How long does a consolidation refinance take?
Timing depends on your documents, the appraisal, the lender and the lawyer. Ask your broker for a realistic timeline once your file is underway.
Talk through your next step with our brokers
Your lender’s terms, household budget and goals matter alongside the numbers. Our team can help you review your mortgage options.