Debt Consolidation Calculator
Consolidating multiple high-interest rate debts into one lower-rate loan, can simplify your finances and even save you money.* Fill in a few details, and we’ll help you create a clear plan to manage your debt and work toward financial freedom.
Learn what your new monthly payments would look like- Explore how different strategies might reduce interest costs
- Find the right path to take control of your debt
F A Qs
Debt consolidation involves combining multiple debts into one. Ideally you should be able to consolidate your debt at a lower interest rate, which could help you save money as you pay down your debt over time. It could also simplify your finances by reducing your monthly debt payments down to one.
When taking out a new debt consolidation loan, it’s possible to experience a minor decrease in your credit score. However, making consistent, on-time payments on your new loan over time can help improve your credit score.
The APR on a debt consolidation loan may vary depending on multiple factors. These include your credit history, the lender, the type of loan, how much you’re borrowing, and the term length of your loan.
If you find yourself juggling multiple high-interest payments, then consolidating your debt could be a good option for you to streamline your monthly finances. Depending on factors such as your existing loans and lines of credit and available interest rates, the rate on your consolidated debt could be lower than your existing debt. This could allow you to save more money every month.
To see if you’ll save money by consolidating your debt, we recommend entering your existing loans and lines of credit into BMO’s Debt Consolidation Calculator.
Additional resources
Consolidating debt with a home equity line of credit
Learn how to use a home equity line of credit to consolidate debt.
What is a line of credit: a simple guide
A line of credit is a flexible and convenient way to borrow and repay money over time. Learn more about lines of credit, how they work, and if one might be the right option for you.
Secured vs. unsecured loans: What you should know
Secured and unsecured loans offer two different ways to borrow. Learn about the pros and cons of each to help you decide the right borrowing option for you.
Footnote * details Please consult with your financial advisor for the benefits and drawbacks between unsecured debt and secured debt and the protections each provide the consumer.