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.
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Know the payment change before you accept an offer.
Restoring draft…
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.
Illustrative worked example: complete assumptions
Synthetic case, not a market average or quote. Amounts rounded to dollars; nominal rate compounded semi-annually with monthly payments.
| Balance / current monthly payment | $400,000 / $2,280 |
|---|---|
| Remaining amortization / common term | 20 years / 3 years |
| Offer A: rate / monthly payment | 4.49% / $2,520 |
| A: term interest / ending balance | $50,857 / $360,155 |
| Offer B: rate / monthly payment | 4.29% / $2,477 |
| B: term interest / ending balance | $48,562 / $359,375 |
| Assumed switching costs / lump sum | $1,000 / $0 |
At unchanged rates, offer B reduces the payment by about $42 a month. Simple payment-savings payback on $1,000 is about 24 months; this is not a full economic comparison. Also compare term interest, ending balance, penalties and lender conditions.
Official source for rules and conventionsFormula 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.