Verify the renewal offer, switching costs, privileges, and any new qualification requirement.
Renewal payment calculator
Mortgage renewal calculator for Canada
Compare your current mortgage payment with a renewal offer, test another rate, and see interest, principal, switching costs, and payment shock.
Start calculating
Know the payment change before you accept an offer.
STEP 1 OF 2
Where is the property?
Choose a province or territory so taxes, transfer fees, and regional assumptions are tailored before you start.
Understand the result
What to compare before renewing a mortgage
- Start with the balance, payment frequency, rate, term, and fees shown on your renewal statement.
- A lower rate can still have switching costs, so the comparison includes an editable break-even estimate.
- Extending amortization may lower the payment but can increase the total interest you pay.
Formula and assumptions
Calculations are reproducible and use the published rules linked below. Service-cost amounts are planning allowances, not quotes.
Read the calculation methodologyFAQ
Common questions
How much will my mortgage payment change at renewal?
Enter your balance at renewal, current payment, offered rate, remaining amortization, and payment frequency. The calculator shows the new payment and the dollar and percentage change.
Should I accept my lender’s first renewal offer?
Compare the rate, term, payment, prepayment privileges, fees, and service. You can enter a competing offer here, but a lender must confirm its approval and final costs.
Can I make a lump-sum payment before renewing?
Many mortgages allow limited prepayments, but privileges vary by contract. Use the lump-sum field to test the effect, then confirm the permitted amount with your lender.
Is switching lenders the same as refinancing?
No. A straight switch generally transfers the existing balance and amortization. Increasing the balance or amortization is usually a refinance and may change qualification and insurance requirements.