Ontario Debt Consolidation Calculator 2026 (No Email Required)
Compare your current mortgage and debts with a proposed refinance. Check payment relief, borrowing costs and the balance still owed. No name or email required.
Jenny Mortgage educational worksheet
Debt consolidation can lower your monthly payment while increasing what you pay to borrow. A longer repayment schedule, refinance fees and a mortgage payout penalty can change the result. Moving unsecured debt into a mortgage also puts your home behind that debt.
Use balances and rates from your statements and a written refinance quote. Results are estimates, not a rate offer, qualification decision or recommendation.
Jenny Mortgage — debt consolidation worksheet
Educational estimates only. Jenny Tate, Mortgage Agent Level 1, FSRA #M22002086, Tango Financial Mortgage (ON) Corporation, FSRA #13691. Model updated: .
Your current debts
Enter up to five debts. Use a fixed monthly payment you plan to keep paying until that debt is repaid. Rates below use a nominal annual rate divided by 12; daily credit-card interest and changing minimum payments may differ. Zero balances are allowed; enter a rate and payment for every row.
Keep-mortgage scenario — statement or written renewal offer
Before renewal, enter the months left on your current term. At renewal, enter the term of the written offer to keep the mortgage, using that offer's rate and amortization in this section. Do not enter 0.
Before renewal, use the principal + interest payment from your current statement. At renewal, use the payment from the same written stay offer as the rate, amortization and term above; leave this field blank if that offer does not state a payment. Exclude property tax and insurance from the optional payment. If supplied, that payment replaces the amortization-based estimate. Its implied payoff may differ from your stated amortization. This model supports monthly payments that cover interest; use your lender's schedule for other payment frequencies or deferred interest.
Proposed refinance — from your quote
The horizon must fit within both mortgage terms. At renewal, use a written offer for the keep-mortgage scenario. Rates stay constant during the selected horizon, including variable-rate scenarios; future renewals and rate changes are not forecast. Select compounding from each contract: semiannual is not a blanket assumption about every variable mortgage.
Refinance costs
Enter quoted costs; zero means you are assuming none. Include taxes in quoted fees. These are inputs, not estimated market prices.
Financing costs increases the principal and interest. Obtain a dated payout statement; this tool does not calculate a lender's penalty.
Complete the fields to compare. No financial inputs are sent by this calculator.
Your estimated comparison
| Measure (CAD) | Keep mortgage + debts | Refinance + consolidate |
|---|
Borrowing cost = interest during the horizon + all refinance setup costs and penalties. Cash outlay = actual payments during the horizon + costs paid upfront. Remaining debt includes every unpaid balance. These are separate measures; reduced payments do not prove savings. No investment return on freed cash, new borrowing, future rate changes, tax effects, extra payments or sale/payout costs at the horizon are modelled.
These options work locally. Download includes your financial inputs; choose where to save it and share it only if you want to. No email delivery is offered by this tool.
Discuss the tradeoffs with Jenny →Bring your statements, payout quote and proposed mortgage terms. Opening the booking service is a separate action; calculator inputs are not attached to that link.
What debt consolidation through a mortgage changes
You replace separate debts with a larger mortgage. The payment can fall because of a lower rate, a longer payoff period, or both. Borrowing secured against your home carries serious consequences if you cannot repay, including foreclosure. Compare total cost and remaining debt before treating payment relief as a financial gain.
How the comparison is calculated
For a nominal annual rate j expressed as a decimal, the semiannual monthly rate is (1 + j/2)^(1/6) − 1. The monthly-nominal option uses j/12. The proposed payment uses the new principal and selected amortization; the current payment uses only the current contract inputs or the payment you supply.
Each month, interest is added to the outstanding balance and the payment reduces it. A final payment is capped at the amount owed. Debt payments stop after payoff rather than being assumed to continue forever. Both paths run for the same horizon; balances and interest remain visible. Internal amounts are unrounded until display, so a lender's cent-rounded schedule may differ.
Ontario debt consolidation: prepare the documents
Whether you live in Toronto, Mississauga, Brampton, Hamilton or Burlington, use a current valuation rather than a city price band. Gather debt statements, mortgage balance and payment details, remaining term and amortization, contract compounding, a lender payout statement and the refinance quote with every fee.
FCAC says borrowing against home equity is usually available up to 80% of home value. That is a general ceiling, not approval. This worksheet assumes the entered mortgage is the only existing charge and every entered debt will be paid out; other liens, a retained HELOC, appraisal and underwriting can reduce room. Ask the lender to confirm the complete secured balance.
When a lower payment deserves a closer look
- A longer amortization: more debt may remain even if payments fall.
- A short time before moving or renewal: fees or penalties may outweigh interest reductions. Compare a horizon that fits the real decision.
- New borrowing: clearing cards does not fix an ongoing budget gap. This model assumes no new debt.
- Limited equity: a higher secured balance reduces your buffer if the home's value changes.
Alternatives and next steps
Compare keeping the debts and paying them down, an unsecured consolidation product, and qualified credit counselling where appropriate. A HELOC or second mortgage also uses your home as security and has its own underwriting, rate and fees. Neither is an automatic fallback or a way to assume qualification is avoided.
Print or download your worksheet, then compare it with written lender schedules. The calculator does not approve a mortgage, select a lender, quote rates, calculate a stress test or recommend a product. Eligibility, professional scope and your budget need a separate review.
Sources and review limits
Primary sources checked October 2, 2026: FCAC debt consolidation, FCAC borrowing against home equity, FCAC breaking a mortgage contract, and Scotiabank contract compounding examples. Product terms vary; use your own agreement. The method is educational and does not imply professional approval of a particular scenario.
Want to walk through your numbers?
Discuss your statements, written payout costs and refinance quote with Jenny Tate. A conversation can help identify what still needs lender verification.
Jenny Tate
Mortgage Agent Level 1 · FSRA #M22002086
Jenny Tate serves Ontario homeowners. Mortgage Agent Level 1, FSRA #M22002086, with Tango Financial Mortgage (ON) Corporation (FSRA #13691). Bring written mortgage terms and debt statements to a discussion of your options.
Frequently Asked Questions
What is debt consolidation through a mortgage refinance in Ontario?
It combines separate debts into a larger mortgage. The payment and rate may change, but a longer repayment period can increase interest. Debt secured against your home puts your home at risk if you cannot repay.
Do I need to provide an email to use this calculator?
No. Results, printing and worksheet download are available without a name or email. The calculator does not send your financial inputs or offer email delivery. Booking a conversation is a separate optional action.
How much can I save by consolidating debt into my Ontario mortgage?
There is no guaranteed saving. Compare the signed first-month payment difference, interest plus fees over the same horizon, and remaining debt. Payment relief may accompany a higher borrowing cost.
Do I need to qualify for the consolidated mortgage?
A refinance is subject to lender underwriting, valuation and applicable qualification rules. This calculator does not assess eligibility, income ratios or the mortgage stress test. Equity alone does not establish approval.
What is the loan-to-value cap on a debt-consolidation refinance in Ontario?
FCAC says you may usually borrow up to 80% of home value against home equity. This is a general ceiling, subject to lender terms and qualification. Include all secured charges and financed costs; an estimate is not approval.
Is debt consolidation through a mortgage right for me?
Compare fees, repayment period, remaining debt, budget and secured-home risk. A lower payment alone is insufficient. Review alternatives and the reason debt accumulated before choosing a product.
What are the closing costs on a debt-consolidation refinance in Ontario?
Obtain quotes for appraisal, legal and title costs, discharge or administration charges, any cashback repayment and a lender payout penalty. Enter them separately. Financing them increases principal and interest; paying them upfront reduces available cash.
What if I cannot qualify for a debt-consolidation refinance?
Review an affordable debt repayment plan, unsecured consolidation options or qualified credit counselling. HELOCs and second mortgages have their own underwriting and costs and also secure debt against your home. They are not automatic qualification exemptions.
Can I consolidate debt at my renewal instead of mid-term?
Ask the lender to compare a refinance at maturity with a mid-term payout. A closed mortgage normally carries a penalty when broken early. Costs and qualification may still apply at maturity; use written quotes rather than assuming a particular saving.
Who built this calculator?
This is a Jenny Mortgage educational worksheet. It models monthly payments using separately entered contract compounding, fixed debt payments, a common horizon and disclosed costs. It is not personalized financial, mortgage or legal advice.
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