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
$2,616
Total Interest (5y)
$90,097
New Lender
Rate
3.64%
Monthly Payment
$2,349
Total Interest (5y)
$66,331
Your Potential Savings
$267
/month
$23,767
interest saved
$23,267
total (5-yr)
Break-even Analysis
With switching costs of $500, you'll break even in 2 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
Mortgage Negotiation Guide
Negotiating your rate could save thousands, depending on your mortgage.
Learn MoreFrequently 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.
Related Tools
Explore More Calculators
Try these other free Canadian mortgage tools to plan your home purchase.
Compare rates by type
Jump to today’s 5-year fixed, variable, insured, and uninsured mortgage rates.