Canadian Mortgage Renewal Calculator
Ready to renew your mortgage? Use our free, easy-to-use Mortgage Renewal Calculator to estimate your new monthly payments, compare rates, and see how much you can save by switching lenders.
Whether your renewal date is approaching or you’re just exploring your options, our tool helps Canadians make smarter decisions about their next mortgage term.
What is a Mortgage Renewal?
By knowing how much your mortgage payments may increase, you can proactively manage your budget, avoid potential financial strain, and make informed decisions about your long-term financial goals. Our Mortgage Renewal Calculator empowers you to navigate these changes confidently, ensuring that you stay in control of your financial well-being. Stay ahead of the curve and plan for your financial future wisely with our user-friendly tool.
🏡 What Is a Mortgage Renewal?
A mortgage renewal happens when your mortgage term ends, and you need to either:
- Renew with your current lender (often with a new rate and term), or
- Shop around for better mortgage rates and terms from other lenders.
In Canada, mortgage terms typically range from 1 to 5 years, while amortization may stretch up to 25 or 30 years. When your term is up, you’re not paying off the full mortgage yet—you’re simply renewing the agreement.
🔎 Why Compare Mortgage Renewal Rates?
Most banks automatically offer a renewal—but their rates may not be the lowest available.
By comparing mortgage renewal options, you could:
- Lock in a better interest rate
- Reduce your monthly payments
- Pay off your mortgage faster
- Avoid costly penalties and fees
Use our mortgage renewal calculator to see how different interest rates impact your payments instantly.
🇨🇦 How Mortgage Renewals Work in Canada
Key points for Canadian homeowners:
Lenders must send your renewal offer at least 21 days before your term ends
- You are free to switch lenders with no penalty at renewal time
- You may qualify for better rates with renewal promos or switch incentives
- A mortgage broker can often negotiate better deals than the big banks
🔄 When Should You Start the Renewal Process?
Start shopping around 120 days before your mortgage term expires. Most lenders allow you to hold a rate for up to 4 months—giving you time to secure a lower rate before interest rates rise.
Tip: Even if you’re happy with your lender, bring them a competing offer. Many will match it.
📋 What You’ll Need to Compare
When using our mortgage renewal calculator, keep this info handy:
- Potential renewal or switch rate
- Remaining mortgage balance
- Current interest rate
- Months left in amortization
- Desired new term (e.g. 5 years fixed or 3 years variable)
đź’¬ Frequently Asked Questions
Is it worth switching lenders at renewal?
Yes—if the savings from a lower interest rate outweigh any switching costs (which are usually minimal at renewal).
Do I have to requalify when renewing my mortgage?
Not with your current lender. But if you switch, some lenders may require requalification under the current stress test rules.
What’s the penalty for renewing early?
If you break your mortgage before the term ends (early renewal), you may face a prepayment penalty. But if you’re within 3–4 months of expiry, many lenders offer early renewal options with no fees.
🛠️ Try the Calculator Now
👉 Click here to access the Mortgage Renewal Calculator and estimate your savings in under 60 seconds.