Mortgage Renewal Calculator
Compare renewal options, adjust your rate, and see how much you could save on your next term.
Important: If you plan to make a down payment, please use our Mortgage Payment Calculator instead.
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How to Use This Mortgage Renewal Calculator
Enter Your Mortgage Details
Review Your Mortgage Renewal Results
Factors to Consider for Your Mortgage Renewal
💡 Current Market Interest Rates: Compare today’s rates to see if switching lenders could save you money.
💡 Payment Schedule: Choosing an accelerated payment frequency could help you pay off your mortgage faster.
💡 Amortization Options: Extending your amortization period can reduce payments, while shortening it helps you pay off your mortgage faster.
💡 Switching Lenders: Some lenders cover discharge and appraisal fees if you transfer your mortgage to them.
💡 Refinancing at Renewal: Renewal time is a great opportunity to access home equity without paying penalties.
Need a More Accurate Estimate?
Our Mortgage Renewal Calculator gives you a quick estimate, but getting the best deal requires expert guidance.
Find out how to maximize your savings, secure the best rate, and simplify your mortgage renewal process.
Frequently Asked Questions (FAQs)
To get the most accurate estimate, enter your mortgage balance at renewal and an estimated interest rate.
If you’re unsure of your balance, check your mortgage contract, statements, or online account. The calculator provides scenario-based results, but for precise numbers, connect with one of our mortgage experts.
You can renew into either a fixed-rate or variable-rate mortgage:
1. Variable Rate: Tied to the prime lending rate and often lower, but payments fluctuate if rates change.
2. Fixed Rate: Stays the same throughout your term, offering stability and predictability.
I can help you decide which option aligns with your financial goals.
Renewal can come with additional costs depending on your choices:
– Switching lenders may involve appraisal or discharge fees, but some lenders cover them.
– You can access home equity at renewal time without penalty if you need extra funds.
– Extending your amortization may lower payments but increase total interest paid.
If you renew with your current lender, you don’t need to re-qualify.
However, if you switch lenders and your mortgage is uninsured, you may need to pass the stress test, proving you can afford payments at a higher qualifying rate.
If you refinance, you’ll also need to re-qualify.
Your mortgage renewal payment consists of:
1. Principal and interest, blended according to your amortization schedule.
2. Your chosen payment frequency and term length.
3. If applicable, mortgage insurance or other fees related to your renewal.
To reduce your mortgage payments:
1. Secure the best available rate through our volume discount.
2. Choose between fixed or variable rates based on market trends.
3. Make an extra payment before renewal to reduce your balance and lower payments.
4. Extend your amortization period (if allowed) to decrease payment amounts.
Some lenders allow extra payments before renewal to reduce your balance.
However, if your mortgage comes with pre-payment restrictions, exceeding the limit may result in penalties. If you’re unsure, let’s review your renewal terms together.
Ready to Secure the Best Renewal Deal?
Your mortgage renewal is a chance to save money and improve your financial future. Let’s make sure you get the best deal possible.