HELOC calculator

See what paying off high-interest debt with a home equity line of credit (HELOC) could save you. Move the sliders to match your situation.

HELOC savings

Monthly savings

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Per month in your pocket

Yearly savings

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Every year going forward

Remaining mortgage balance

$400,000

Total debt to consolidate

$50,000

Average interest rate on those debts

20.00%

HELOC rate (your estimate)

6.50%

Years left on your mortgage10 years15 years20 years25 years30 years

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Current monthly

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New monthly

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Debt interest saved per year

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Saved over the years left

Get your real numbers, free

Estimate only, using the rates you enter. Payments use Canadian semi-annual compounding over the years left. For debts, it compares a year of interest at your debts’ rate with the same amount at the new rate. Your real rate depends on your equity, credit, income and property, and every mortgage is subject to lender approval (O.A.C.).

How this calculator works

We compare a year of interest on your debts at their rate with the same amount at the HELOC rate, and add your regular mortgage payment to both. Payments use Canadian semi-annual compounding. It’s an estimate using the rates you enter, not an offer: your real rate depends on your equity, credit, income and property, and every mortgage is subject to lender approval (O.A.C.).

Find out what you could save.

A free, no-obligation review. We’ll look at your current mortgage and show you exactly how much you could be saving. No pressure. Just numbers.

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