Canadian mortgage

Canada Mortgage Renewal & Refinance Calculator

Compare renewing with your current lender against switching or refinancing. Model the rate, penalty, legal/appraisal costs, financed fees, cash-out amount, break-even timing, term interest, balance at the next renewal, and whether the refinance stays under an entered LTV cap.

🇨🇦 Semi-annual compounding convention

🔁 Renewal vs refinance break-even

🔒 Inputs stay local

Canada renewal/refinance

Compare renewal, switch, or refinance

Use Canadian compounding and your exact fee assumptions to compare payment, interest, term-end balance, and break-even.

Planning estimate only. Results update locally in your browser; raw inputs/results are not stored, logged, placed in URLs, or sent to analytics.

Current mortgage balanceOutstanding balance from your latest statement or payout estimate.Current rate %Current contract rate, used as a reference payment before renewal.Renewal offer rate %Rate offered by your current lender or the rate you expect at renewal.Refinance / switch rate %Rate from the competing refinance, switch, or transfer offer.Remaining amortization (years)Years left to fully repay the mortgage if payments stay on schedule.New term to compare (years)How many years of interest, payments, and balance to compare.Penalty estimateIRD or three-month-interest penalty estimate if switching before maturity.Discharge / admin feeCurrent lender discharge, assignment, or admin fee placeholder.Legal + appraisal feesEstimated legal, appraisal, registration, title, and related switching costs.New lender setup feesAny broker, lender, cashback clawback, setup, or registration fees not already included.Cash-out amountOptional extra principal if the refinance increases the mortgage balance.Estimated property valueUse a conservative market value or appraisal estimate to check equity room for a refinance.Maximum refinance LTV %Common cash-out refinance checks use an 80% loan-to-value cap; adjust only if your lender says otherwise.Payment frequencyAccelerated options can change the balance and term comparison.Finance switching costs into the new mortgage

No account, URL parameters, or browser storage required.

Decision worksheet

Check the tradeoff before switching lenders

This worksheet is built for renewal calls, broker comparisons, and refinance sanity checks.

Educational estimate only — not financial, legal, tax, mortgage, or lending advice. Confirm penalties, insured/insurable status, qualification, registrations, and lender calculations before acting.

What this means

The refinance scenario lowers the monthly-equivalent payment by about $261 versus renewal. After upfront costs, the 5-year cash-flow comparison shows $8,989 of payment savings; after the term-end balance impact, the balance-adjusted benefit is $15,499.

The refinance principal is within the 80% LTV cap entered. Estimated room before requested cash-out is $80,000.

Lender-call memo

Copy or print a local-only comparison summary without saving your inputs.

Renewal monthly equivalent$3,777

Refinance monthly equivalent$3,516

Switching costs$6,650

Renewal term interest$149,311

Refinance term interest$127,161

Interest savings$22,150

Cash-flow savings after costs$8,989

Term-end balance impact$6,510 lower than renewal

Balance-adjusted benefit$15,499

Equity check	Value	Why it matters
Current LTV	69.3%	Shows current leverage using your property value estimate.
Refinance LTV	69.3%	Includes cash-out and any financed switching costs.
Maximum refinance principal	$600,000	Based on the 80% LTV cap entered.
Estimated current equity	$230,000	Property value minus current balance before switching.
Room before requested cash-out	$80,000	Room left after current balance and any financed switching costs, before requested cash-out.
Equity room after refinance	$80,000	Positive means the scenario fits under the entered cap.

Equity checkCurrent LTV

Value: 69.3%
Why it matters: Shows current leverage using your property value estimate.

Equity checkRefinance LTV

Value: 69.3%
Why it matters: Includes cash-out and any financed switching costs.

Equity checkMaximum refinance principal

Value: $600,000
Why it matters: Based on the 80% LTV cap entered.

Equity checkEstimated current equity

Value: $230,000
Why it matters: Property value minus current balance before switching.

Equity checkRoom before requested cash-out

Value: $80,000
Why it matters: Room left after current balance and any financed switching costs, before requested cash-out.

Equity checkEquity room after refinance

Value: $80,000
Why it matters: Positive means the scenario fits under the entered cap.

Scenario	Payment	Monthly equivalent	Term interest	Term-end balance
Current payment reference	$3,487.59	$3,488	—	—
Renew at 6.3%	$3,776.66	$3,777	$149,311	$442,711
Refinance at 5.4%	$3,516.01	$3,516	$127,161	$436,201

ScenarioCurrent payment reference

Payment: $3,487.59
Monthly equivalent: $3,488
Term interest: —
Term-end balance: —

ScenarioRenew at 6.3%

Payment: $3,776.66
Monthly equivalent: $3,777
Term interest: $149,311
Term-end balance: $442,711

ScenarioRefinance at 5.4%

Payment: $3,516.01
Monthly equivalent: $3,516
Term interest: $127,161
Term-end balance: $436,201

Switching cost	Amount	Treatment
Penalty estimate	$4,500	Confirm exact payout with current lender.
Discharge/admin fee	$350	Usually paid to discharge or transfer the mortgage.
Legal, appraisal, registration	$1,800	May be covered, rebated, paid upfront, or added to balance.
New lender setup fees	$0	Include cashback clawbacks or setup costs if applicable.
Total switching costs	$6,650	$6,650 paid upfront in this comparison.

Switching costPenalty estimate

Amount: $4,500
Treatment: Confirm exact payout with current lender.

Switching costDischarge/admin fee

Amount: $350
Treatment: Usually paid to discharge or transfer the mortgage.

Switching costLegal, appraisal, registration

Amount: $1,800
Treatment: May be covered, rebated, paid upfront, or added to balance.

Switching costNew lender setup fees

Amount: $0
Treatment: Include cashback clawbacks or setup costs if applicable.

Switching costTotal switching costs

Amount: $6,650
Treatment: $6,650 paid upfront in this comparison.

Refinance rate	Payment	Monthly savings vs renewal	Term-end balance impact	Break-even	Cash-flow savings	Balance-adjusted benefit
4.4%	$3,236.99	$540	$14,183 lower than renewal	12.3 months	$25,730	$39,913
4.8%	$3,375.07	$402	$10,289 lower than renewal	16.6 months	$17,445	$27,734
5.4%	$3,516.01	$261	$6,510 lower than renewal	25.5 months	$8,989	$15,499
5.8%	$3,659.73	$117	$2,847 lower than renewal	56.9 months	$366	$3,213
6.4%	$3,806.16	-$30	$700 higher than renewal	No payment break-even	-$8,420	-$9,120

Refinance rate4.4%

Payment: $3,236.99
Monthly savings vs renewal: $540
Term-end balance impact: $14,183 lower than renewal
Break-even: 12.3 months
Cash-flow savings: $25,730
Balance-adjusted benefit: $39,913

Refinance rate4.8%

Payment: $3,375.07
Monthly savings vs renewal: $402
Term-end balance impact: $10,289 lower than renewal
Break-even: 16.6 months
Cash-flow savings: $17,445
Balance-adjusted benefit: $27,734

Refinance rate5.4%

Payment: $3,516.01
Monthly savings vs renewal: $261
Term-end balance impact: $6,510 lower than renewal
Break-even: 25.5 months
Cash-flow savings: $8,989
Balance-adjusted benefit: $15,499

Refinance rate5.8%

Payment: $3,659.73
Monthly savings vs renewal: $117
Term-end balance impact: $2,847 lower than renewal
Break-even: 56.9 months
Cash-flow savings: $366
Balance-adjusted benefit: $3,213

Refinance rate6.4%

Payment: $3,806.16
Monthly savings vs renewal: -$30
Term-end balance impact: $700 higher than renewal
Break-even: No payment break-even
Cash-flow savings: -$8,420
Balance-adjusted benefit: -$9,120

Ask before you switch

Ask the current lender for the exact renewal offer, payout statement, penalty, discharge fee, and port/blend options.
Ask the new lender whether legal, appraisal, registration, cashback, and setup costs are covered or added to the mortgage.
Confirm the property value, maximum loan-to-value, and available equity before relying on any cash-out refinance amount.
Compare the payment and term-end balance, not just the headline rate.
Confirm prepayment privileges, portability, cash-out rules, insured/insurable status, and qualification requirements before switching.

Try next

Set penalty to zero if the mortgage is at maturity and you are comparing renewal offers.
Toggle financed switching costs to see how adding fees to the mortgage changes the payment and refinance LTV.
Increase the refinance rate by 0.5–1.0 points to test whether the offer is still worth the hassle.

Use it well

Get a better answer from the Canada Mortgage Renewal & Refinance Calculator

Start with the example values to see how the tool behaves.
Swap in your own numbers, even if they are rough first-pass estimates.
Change one input at a time so you can see what actually moves the result.

What the result means

The result is a home-budget estimate, not a lender promise. It helps you see the monthly payment, cash pressure, and interest tradeoff before you shop or commit.

How to use it

Compare a comfortable case with a stretched case. The gap tells you how much room you have if the rate, taxes, insurance, or closing costs move.

What can change it

Principal and interest are only part of home cost. Taxes, insurance, HOA or condo fees, repairs, mortgage insurance, and closing costs can change the real answer fast.

Good for

Compare a renewal offer against a switch or refinance.

Check next

Compare your result with Canadian Mortgage Amortization Calculator, Canada Mortgage Payment Calculator, Canada Closing Cost Calculator when you want more context.

Best habit

Run a conservative case and an optimistic case. The gap between them is often more useful than a single answer.

Common uses

Compare a renewal offer against a switch or refinance.
Estimate penalty and fee break-even timing.
Check whether a lower rate still wins after balance, cost, and refinance LTV impact.

Common questions

Is the Canada Mortgage Renewal & Refinance Calculator private?

Yes. CalcShelf calculators run without an account, do not save calculator entries, and do not put raw inputs into shareable URLs or analytics events.

How accurate is the Canada Mortgage Renewal & Refinance Calculator?

It is a home-finance estimate, not a lender quote. Rates, taxes, insurance, fees, insurance premiums, and underwriting rules can change the real payment or approval result.

What should I check after using the Canada Mortgage Renewal & Refinance Calculator?

Verify rate, fees, taxes, insurance, lender rules, cash to close, and any mortgage insurance before acting.

Which calculator should I try next?

Use the related calculators below to cross-check the same decision from another angle before you act.

Method behind the estimate

Mortgage calculators use standard amortization and payment math with user-entered rates, terms, taxes, insurance, and fee assumptions.

Why the detail matters

Results are estimates. Lender rules, payment frequency, penalties, taxes, mortgage insurance, closing costs, and local law can change the real answer.

Privacy guardrail

Your calculator values are for you. CalcShelf does not require an account, save calculator entries, put your numbers into shareable URLs, or use raw inputs as analytics events.

Copy or print safely

Use any copy, print, or worksheet controls as local handoff tools for your own notes, supplier calls, lender questions, or implementation checklist. They are there to help you explain the result to a human.

Before acting

Treat the result as a decision draft, not a verdict. Recheck the source numbers, run a downside case, and verify the real-world rule, quote, label, or spec that controls the final answer.

Last reviewed: May 11, 2026. See methodology and editorial policy for formulas, assumptions, rounding, review approach, and limitations. For borrowing decisions, confirm lender rules, rates, taxes, fees, and legal requirements.