Mortgage Refinance Calculator (Canada)
Compare your current mortgage with a new rate to estimate payment change, break-even time, and total interest impact.
Inputs
Results
| Breakdown | Amount |
|---|---|
| Current monthly payment | $0 |
| New monthly payment | $0 |
| Monthly savings | $0 |
| Refinance costs | $0 |
| Interest (current, remaining) | $0 |
| Interest (new, full term) | $0 |
| Interest difference | $0 |
Disclaimer: Estimates only. Actual penalties, fees, compounding and payment rules vary by lender and contract.
Visual
How to use
- Enter your remaining mortgage balance, current rate, and remaining amortization.
- Enter the new rate and amortization you’re considering.
- Add estimated refinance costs (fees + possible penalties).
- Click Calculate to see savings, break-even time, and interest impact.
- Use the chart to compare current vs new monthly payments.
Mortgage refinance basics in Canada
Refinancing replaces your existing mortgage with a new one. Many homeowners refinance to lower their interest rate, change the amortization period, or consolidate debts. The key question is not only whether your monthly payment drops, but whether the savings outweigh refinance costs such as legal fees, appraisal, lender fees, and potential prepayment penalties.
This calculator estimates your current payment versus a new payment using a standard amortization formula. It also estimates a break-even point: how many months of monthly savings it may take to recover your refinance costs. If you expect to sell, refinance again, or pay off the mortgage before break-even, refinancing may not be worthwhile.
Total interest is another important lens. A lower rate often reduces total interest, but extending amortization can increase the total interest paid even if the payment looks smaller. Use the interest comparison to evaluate the long-term impact of changing your rate and amortization.