Mortgage renewal calculator
At renewal your lender sends an offer, but you are not obliged to accept it.
Change in monthly payment
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How this calculator works
- Calculate the current payment on the balance at your current rate and remaining amortization.
- Calculate the offered payment on the same balance at the new rate and amortization.
- Show the difference in monthly payment.
- Compare total interest over a five-year term at each rate to see the longer-run effect.
Formula: Payment for each scenario uses the standard amortisation formula on the same balance
Frequently asked questions
Should I accept my lender's renewal offer?
Not automatically. Lenders often send a rate that is not their most competitive, because they are counting on you not shopping around. Compare the offer against other lenders before you sign.
Does switching lenders at renewal cost anything?
A straight switch at renewal is usually cheaper than breaking a mortgage mid-term, but there can still be legal, appraisal and discharge fees. Ask both lenders for the full cost before deciding.
Can I change my amortization at renewal?
Often yes. Shortening it raises the payment but cuts total interest; lengthening it lowers the payment but increases total interest. Either way the lender must requalify you.
Sources
- OSFI Guideline B-20 — Office of the Superintendent of Financial Institutions
- Financial Consumer Agency of Canada — Financial Consumer Agency of Canada
Important legal information
Promissory.ca is not a lender, bank, mortgage broker or credit counsellor. We do not make lending decisions and we do not charge you a fee to use this service.
Submitting an application does not guarantee approval. All applications, rates and terms are set and approved solely by the individual lender or licensed professional.
Rates, fees and loan amounts vary by lender, province, loan type and your credit profile. Advertised rates are the lender's lowest offered rate and may not be available to you.
Lenders may perform a credit check with one or more credit bureaus, including Equifax and TransUnion. A hard credit inquiry may affect your credit score.
There is no obligation to accept any offer presented to you. Review every agreement carefully before signing.
Borrow only what you can reasonably afford to repay. Late or missed payments may result in additional fees, collection activity and negative credit reporting.
We handle personal information in accordance with the Personal Information Protection and Electronic Documents Act (PIPEDA). See our Privacy Policy for how we collect, use and protect your information.
If you are struggling with debt, consider contacting a non-profit credit counselling service or a Licensed Insolvency Trustee before borrowing more.
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Check what you qualify for with our Canadian lending partners. No obligation to accept any offer.
Compare loan optionsAffiliate disclosure: Promissory.ca is a free comparison and referral service. We may receive compensation from lending partners when you click a partner link or submit an application. This compensation does not affect the information or comparisons we publish.