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Refinance and debt consolidation

See how folding higher-rate debts into your mortgage could change your monthly cash flow. Then talk to us about whether it makes sense.

Your numbers

Canadian semi-annual compounding, monthly payments.

New monthly payment
$0 / month
New mortgage amount$0
Current total monthly outflow$0
New monthly payment$0
Monthly difference (freed cash flow)$0
Total interest over the new amortization$0
Lower monthly payments can mean more interest over a longer amortization, and breaking your current mortgage may trigger a penalty. We help you weigh the tradeoff.
Talk to us

For illustration only and not an offer of financing or a rate quote. Refinancing can extend your amortization and increase the total interest you pay over time. A prepayment penalty may apply to break your current mortgage, and refinances are limited to 80% loan-to-value. Your qualification and rate depend on a full review. Speak with us for figures specific to you. TMG HarbourTown Mortgage Inc., Licence #3000145.

What these numbers mean

Plain-language definitions and the typical ranges, so you can play with the inputs with confidence.

Home value
The current market value of your home. It sets the ceiling on what you can borrow, since a refinance is limited to 80 percent of value.
Typical: a current appraised or estimated market value
Current mortgage balance
What you still owe on your existing mortgage. This rolls into the new mortgage along with any debts you consolidate.
Typical: your remaining principal today
Current mortgage payment
Your present monthly mortgage payment. It is added to your other debt payments to show the outflow you are trying to reduce.
Typical: your existing principal and interest payment
Other debts balance and payments
The total balance and the combined monthly payments on the debts you want to fold in, for example cards, lines, or a car loan. Higher-rate debts are usually the ones worth consolidating.
Typical: credit cards near 19 to 22 percent, lines of credit lower
New mortgage rate and amortization
The rate and the number of years on the new mortgage. Payments use Canadian semi-annual compounding. A longer amortization lowers the monthly payment but adds interest over time.
Typical: 25-year amortization standard, up to 30 on a conventional refinance
Refinance loan-to-value limit (80 percent)
A refinance is capped at 80 percent of your home value. If your balance plus the debts you want to roll in exceed that, not all of them will fit. This is the limit that most often binds.
Typical: refinances are limited to 80 percent loan-to-value
Prepayment penalty
Breaking your current mortgage early can trigger a penalty, often the greater of three months interest or an interest rate differential (IRD). The IRD is widely misunderstood and can be large on fixed mortgages, so it belongs in the tradeoff.
Typical: the greater of three months interest or an IRD, lender-specific
New monthly payment
The estimated payment on the consolidated mortgage. Compare it to your current total outflow to see the cash flow you may free up, while watching the total interest over the longer term.
Typical: lower monthly outflow, weighed against more total interest
These are general ranges, not your numbers. The right figure depends on your situation, the property, and the lender. Talk to us and we will pin it down.

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