This calculator is for general educational and informational purposes only. Results are estimates, not financial advice, an offer of credit, or a guarantee of approval. Credit card balances are assumed to have no new spending, cash advances or fees; interest rates remain unchanged; payments are made on time. The credit card illustration assumes the entered dollar payment remains constant each month, with interest charged first and the remaining payment reducing principal. Actual issuer minimums, compounding and statement calculations vary. If the payment is not enough to cover monthly interest, the balance will not be paid off under these assumptions. Interest savings means the difference in estimated total interest plus upfront loan/refinancing fees; negative savings means higher cost. A smaller monthly payment can mean more total interest or a longer time in debt. Loan terms, rates, fees and eligibility depend on the bank, lender or other financial institution. Mortgage refinancing puts the home at risk if payments are not maintained and may involve penalties, appraisal, legal and other costs. The refinance calculation isolates the incremental consolidated debt and does not calculate changes to the existing mortgage, full mortgage payments, or the full refinance economics. Mortgage rates use a Canadian semi-annual-compounding equivalent monthly rate for illustration. The 30-year selection is illustrative and not necessarily available or appropriate.