Calculators
Mortgage renewal calculator
Compare your renewal offer with another rate: the payment, the interest over the term and what you'd owe at the end of it.
Payment at your renewal offer
$2,837per month
| Offer 4.5% | Compare 4.2% | |
|---|---|---|
| Payment | $2,837 | $2,766 |
| Interest over the term | $92,072 | $85,764 |
| Balance at the end | $371,863 | $369,811 |
- Payment with the other rate
- $71 lower
- Saved over the 5-year term
- $6,308
The difference in interest over the term, less any costs to switch.
Review your renewal offerInterest over the 5-year term
The interest you'd pay each year of the term at each rate. The difference between the bars is what a lower rate saves.
How this is calculated
- Payments assume a fixed rate compounded semi-annually, which is how Canadian fixed-rate mortgages are quoted.
- Most lenders send a renewal offer and let you renew without a penalty up to 120 days before your term ends.
- If you switch lenders at renewal without adding to your mortgage or extending the amortization, you don't have to pass the stress test again.
- Switching can come with costs such as legal or appraisal fees. Some lenders cover them. Add them to see whether a lower rate still comes out ahead.
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.