Calculators
Mortgage refinance calculator
See how much of your home's equity you could access, what you'd net after a penalty and fees, and your new payment.
Cash after penalty and fees
$262,200
- 80% of your home's value
- $720,000
- Current balance
- $450,000
- Equity available
- $270,000
Your cash
- Cash taken out
- $270,000
- Penalty
- -$6,300 estimate
- Legal and appraisal fees
- -$1,500
- You'd receive
- $262,200
Your payment
- New mortgage
- $720,000 80% of value
- Monthly payment now
- $3,006
- New monthly payment
- $3,985
- Change
- +$979 a month
How this is calculated
- In Canada, a refinance can be up to 80% of your home's value, so the equity you can access is 80% of the value minus what you owe.
- Breaking a fixed-rate mortgage before its term ends usually costs the greater of three months' interest or the interest rate differential. Variable-rate mortgages usually cost three months' interest. Your lender can give you the exact amount.
- Here the penalty and fees come out of the cash you take, not on top of the new mortgage.
- A refinance is a new mortgage, so you'll need to qualify again, including the stress test.
- Payments assume a fixed rate compounded semi-annually, which is how Canadian fixed-rate mortgages are quoted.
These figures are estimates for illustration only and aren't a mortgage offer or approval. Your actual rate, payment and insurance premium depend on the lender, the property and your application.