Repayment Options Calculator - Banner

Repayment options calculator

From repaying debt on your own to filing a consumer proposal, your monthly payment can vary widely. Find out how much you can expect to pay.

Repayment options calculator

Add up your debt from all sources (including credit cards, lines of credit, loans, etc.) and enter the total amounts below:

Type of Debt
Based on estimated interest charges, here are four possible debt solutions with their respective monthly payments and total costs over the course of 5 years. Please note that these numbers will vary from person to person.
Solutions
Monthly Payments
Total cost of repayment
Repay debt on your own
help
Are you able to repay your debt on your own? If you're looking to pay it off in 5 years, your monthly payment will need to be . In total, you will spend .
Debt consolidation loan
help
If you have a good credit score and are able to qualify for a debt consolidation loan from your bank, you could repay your debt in 5 years with a monthly payment of . In total, you will pay .
Credit counselling
help
If your credit rating isn’t strong, your bank might not offer you a debt consolidation loan. You can explore credit counselling, where interest charges are frozen over the course of the repayment period. With this option, your monthly payment will be over five years. But you will have to repay the total amount of your debt
Consumer proposal
help
If you’re no longer able to pay back all of your debts, a Licensed Insolvency Trustee (LIT) can reduce your debt load by 30-80%. Based on a 30% reduction, your monthly payment will be only , and your total repayment amount will be .