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Mortgage Renewal Calculator
Should you stay with your current lender or shop around? Calculate your potential savings when renewing your Canadian mortgage. Compare rates and see your break-even analysis.
Mortgage Renewal Calculator
Compare staying with your current lender vs shopping for a better rate
1Your Current Mortgage
Amount remaining on your mortgage
⚠️ Posted rates are often higher than market rates
2Renewal Options
Current best rate you could qualify for
Appraisal ($300-400) + Legal ($800-1000) - often covered by new lender
Comparison Results
Current Lender
Rate
4.89%
Monthly Payment
$7,528
Total Interest (5y)
$51,701
New Lender
Rate
3.64%
Monthly Payment
$7,302
Total Interest (5y)
$38,108
Your Potential Savings
$227
/month
$13,593
interest saved
$13,093
total (5-yr)
Break-even Analysis
With switching costs of $500, you'll break even in 3 months
✅ Switching saves you money despite the costs
Recommended Actions
- • Shop your renewal 4-6 months before it expires
- • Get quotes from at least 3-5 lenders
- • Ask your current lender to match the best rate
- • Consider a mortgage broker for access to monoline rates
- • Review prepayment privileges and portability
Frequently Asked Questions About Mortgage Renewals
Should I renew with my current lender or shop around?
You should always shop around before renewing. Your current lender's 'posted rate' is often higher than market rates. Get quotes from 3-5 lenders, then ask your current lender to match. Shopping around could save you thousands over your renewal term.
How much could I save by switching mortgage lenders?
Savings depend on your mortgage balance and rate difference. For example, on a $400,000 balance, negotiating from 4.89% to 3.64% could save approximately $5,000 per year or $25,000 over a 5-year term. Use our calculator to see your exact potential savings.
What are the costs of switching mortgage lenders?
Switching costs typically include appraisal ($300-400), legal fees ($800-1,000), and sometimes discharge fees ($200-400). However, many lenders offer to cover these costs for new customers as an incentive. Calculate if the savings exceed these one-time costs.
When should I start shopping for my mortgage renewal?
Start shopping 4-6 months before your renewal date. This gives you time to get multiple quotes, negotiate, and complete any paperwork. Most lenders can hold a rate for 90-120 days, so you can lock in a good rate early.
Will my credit score affect my renewal rate?
With your current lender, credit score typically doesn't matter for a simple renewal (no new money). But when switching lenders, they will check your credit score. Ensure your score is in good shape before shopping around.
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