All Calculators
Renewal Planning
Mortgage Renewal Calculator
See how much your payment changes when your term ends and you renew at today's rates.
$
New Payment at Renewal
$2,626.34
monthly
Old payment$2,115.17
New payment$2,626.34
Change per payment+$511.17
Annual impact+$6,134.08 / year
A few notes on renewals
- Your existing lender will mail a renewal letter 30–60 days before maturity. Don't sign and return it without shopping the rate first.
- An independent mortgage broker will quote multiple lenders in one go - often beating your current bank by 20–60 basis points.
- Switching lenders at renewal usually costs you nothing if you stay on the same balance and amortization. Refinancing (taking equity out) is a different conversation.
- If you can absorb a higher payment, consider keeping your old payment amount and shortening the amortization. Money saved over 5 years can be substantial.
Estimates only - Canadian mortgages are compounded semi-annually by law. Final pricing comes from your lender or broker.