HELOC & debt consolidation
Lighter monthly payments are possible. Let us look at the whole picture first.
A home equity line of credit can replace higher-interest cards and loans with one lower-rate payment. It also turns unsecured debt into debt secured by your home. We help you understand both sides before deciding.
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Open WhatsAppThis may be for you if
- You carry balances on cards, lines of credit or car loans
- You have equity in your home and steady income
- You want one manageable payment and a plan to pay it down
- 01
List what you owe
Balances, rates and minimum payments. Seeing everything together is often the most useful step.
- 02
Compare structures
A HELOC, a refinance, or a combination. We show how payments and total interest compare under each.
- 03
Plan the payoff
Consolidation only helps if the line is paid down. We help you set a realistic repayment plan.
Your estimate
Compare a card balance with an interest-only HELOC.
Example: $100,000 of card debt at 19.99% paid over 5 years, versus an interest-only HELOC at a hypothetical 7.5%. The lower payment does not reduce the balance.
Illustrative comparison
What could your payment look like?
Today
$2,605/mo
Proposed
$625/mo
Estimated monthly payment relief
$1,980
$23,764 per year lower
- Interest over 36-month term
- $45,375 vs $22,500
- Principal repaid in term
- $48,417 vs $0
- Interest saved, after costs
- $21,375
- Costs recovered in
- 1 months
- This compares interest-only and amortizing payments. Part of the payment relief comes from a different repayment type, not just the rate. Compare principal repaid above.
- Payment relief and interest savings are different. Both are illustrative estimates only.
Optional. You don't need to share contact details to use this calculator. Results are estimates using Canadian semi-annual compounding, are not rate offers, and approval is not guaranteed.
Tradeoffs to weigh
- HELOC rates are usually variable. If rates rise, your interest cost rises.
- Converting unsecured debt to secured debt puts your home at risk if you cannot make payments.
- Interest-only HELOC payments are lower, but the balance does not shrink unless you pay more. Lower payments do not necessarily mean lower total interest.
- Appraisal, legal and registration fees may apply.
Eligibility
- In Canada, a HELOC is typically limited to 65% of your home's value, and combined with a mortgage up to 80%.
- You need to qualify based on income, credit and debts; lenders may apply a stress test.
Questions people ask us
Independent guidance
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