Mortgage Renewal Calculator (Canada)

Compare renewal rates to see your new payment and estimated interest cost over the next term.

Mortgage details

Remaining balance

How much you still owe today.

Remaining amortization (years)

Years left until fully paid off.

Renewal term (years)

Compare interest cost over this term only (e.g., 3 or 5 years).

Payment frequency

Payments per year affect cash flow (not the rate itself).

Compare rates

Option A rate (%)

Your current offer (e.g., lender renewal).

Option B rate (%)

Another offer you’re considering.

Optional (switching costs)

One-time switching costs

Legal/appraisal/fees if you move lenders. Enter $0 if not applicable.

Results

Payment (Option A)

$—

—

Payment (Option B)

$—

—

Interest cost over term (A)

$—

Interest cost over term (B)

$—

Estimated savings over term

$—

Includes optional switching costs

Option A vs B (term)

Comparison for payment per period and interest over the selected term.

Mortgage renewal in Canada: how to compare offers

A mortgage renewal happens when your current term ends and you must choose a new term and interest rate. In Canada, renewal decisions can have a big impact on your monthly cash flow and the total interest you pay during the next few years. Many homeowners focus only on the rate, but the best choice depends on your remaining balance, remaining amortization, payment frequency, and the length of the term you choose.

This calculator compares two renewal options (A and B) using the same remaining balance and amortization. It shows your estimated payment and the estimated interest cost over the selected renewal term (for example, a 3-year or 5-year term). That “interest over term” number is often easier to understand than lifetime interest, because renewal is a near-term decision. If your goal is to minimize total cost for the next few years, the interest-over-term comparison is usually the most practical metric.

Payment frequency matters too. Monthly payments are the default for many Canadians, but bi-weekly and weekly schedules change how often you pay and can slightly change interest timing. This tool lets you compare payment amounts per period using your chosen frequency, while still calculating interest using standard amortization math. The goal is clarity: you see exactly what you would pay each time and what the projected interest cost is for the term.

Some renewals are simple “sign and continue” renewals with the same lender, often with $0 switching costs. But if you switch lenders, you may face one-time costs such as legal fees, appraisal fees, discharge fees, or other administrative costs. Those costs can be worth it if the rate improvement is large enough. That is why this calculator includes an optional switching cost field and subtracts it from the projected savings over the term.

When comparing offers, consider your future plans. If you expect to move, refinance, or make large lump-sum payments, a shorter term or a mortgage with better prepayment privileges could be more valuable than the lowest rate. For some homeowners, stability is the priority; for others, flexibility matters more than a small rate difference. Use this calculator to estimate the cost difference, then evaluate terms and features with your lender or broker.

Disclaimer: This calculator provides estimates only. Actual renewal rates, payments, and interest depend on lender terms, compounding, and your mortgage contract. Always confirm final numbers and features before signing.