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Mortgage Scenario Comparison Calculator
Compare two of the most common Canadian mortgage decisions side-by-side: a refinance with debt consolidation, or keeping your first mortgage and adding a second. All numbers use Canadian semi-annual compounding and include real-world costs like penalties, legal, appraisal and lender fees.
For informational purposes only. This tool does not approve or decline a mortgage and is not a lender offer, quote, or commitment. Speak with a licensed mortgage professional before making a decision.
See What Your Mortgage Comparison Will Include
Illustrative Example Only
The examples below are generated by the same calculation engine used by the live calculator, using realistic Canadian mortgage inputs.
Sample 1 — Refinance & debt consolidation
Property $850,000 · Current mortgage $425,000 @ 5.49% · Consolidating car, credit card and LOC · Spousal support continues
Current mortgage payment$2,906.32
Current total monthly obligations$5,221.32
Debts consolidated$71,000
Penalty + discharge$6,900
Fees$2,500
Additional cash-out$20,000
New mortgage amount$525,400
New mortgage payment$2,646.09
Continuing obligations$600.00
Proposed total monthly obligations$3,246.09
Estimated monthly cash-flow change+$1,975.23
Estimated annual cash-flow change$23,703
Loan-to-value61.81%
Approximate break-even5 months
Sample 2 — Second mortgage vs. full refinance
Property $850,000 · Existing 1st $425,000 @ 3.19% · Needs $100,000 net funds
Existing 1st-mortgage payment$2,393.16
Second — gross amount$106,186
Second — net funds available$100,000
Second — fees$6,186
Second — monthly payment (interest-only)$883.99
Second — combined monthly$3,277.15
Second — combined LTV62.49%
Second — balloon at term end$106,186
Full refi — mortgage amount$539,900
Full refi — monthly payment$2,719.12
Full refi — penalty + fees$14,900
Full refi — LTV63.52%
Lowest monthly: current
Lowest upfront: second
Lowest interest: refi
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