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Debt Consolidation Calculator

Enter your current debts and a proposed consolidation loan to see whether consolidation lowers your total cost — not just your monthly payment.

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By the LoanLoon editorial teamLast reviewed 18 September 2026Checked against primary sources
Your current debts

Enter each debt's balance, its interest rate and the payment you currently make. Debts with a zero payment are skipped.

Result

Enter your figures above and submit to see the result.

Fixed rate for the whole term; no fees, insurance or taxes unless a field says otherwise. Results are estimates, not offers.

The calculator sums the total cost of your existing debts at their present payments, then computes the total cost of a single consolidation loan. The comparison that matters is the difference in total cost, and the time it takes for the monthly saving to recover any fees paid up front.

A lower monthly payment is not evidence of saving. If the consolidation loan runs longer than the debts it replaces, the payment falls while the total rises. The break-even months figure in the output is the honest measure.

Find out what you qualify for

One short form, passed to a licensed lender or matching partner. Free, with no obligation to accept an offer.

Check your rate

LoanLoon is not a lender. We do not make credit decisions, set rates, or guarantee approval. The lowest rates are only available to the most qualified applicants.

The figure above is arithmetic, not an offer. A lender's real rate, payment and total cost depend on its own underwriting, on your credit profile and on your province. loanloon.ca is a matching and comparison service — not a lender, a broker of record, or a credit counsellor. We do not make loans, set rates or make credit decisions. The lowest rates are only available to the most qualified applicants.

Frequently asked questions

Does consolidating debt always save money?

No. It saves money when the new total cost of borrowing is lower than the debts it replaces over the same period. A longer term can make the total higher even when the monthly payment is lower.

Should I consolidate debt onto my home?

Secured consolidation usually carries a lower rate because your home is the collateral. It also means a payment problem could cost you the home. That is a genuine change in risk, not just a rate decision.

What happens to the accounts I pay off?

Many people leave them open and rebuild the balances, ending up with both the consolidation loan and new card debt. Closing the paid-off accounts, or setting a hard limit, is what makes consolidation work.

Is this calculator free to use?

Yes. Every calculator on loanloon.ca runs in your browser and is free. Nothing you type is sent to us or stored.

Does the result guarantee what a lender will offer me?

No. The output is an estimate based on the figures you enter. Actual rates, payments and approval are decided by the lender.

The lowest rates are only available to the most qualified applicants — what does that mean?

It means the best advertised pricing is reserved for borrowers with the strongest credit profiles, income and debt-service ratios. Most borrowers are offered something different.

Sources and further reading