Mortgage Renewal Calculator
Compare your current mortgage rate with renewal options and see how much you save.
2026 Tax YearData stays on your deviceUpdated Apr 1, 2026
$
Monthly Savings
$244.12
Your payment goes down
Current (5.5%)
Monthly Payment
$2,395.37
Total Interest
$224,888.68
Renewed (4.2%)
Monthly Payment
$2,151.25
Total Interest
$166,299.01
Total Interest Saved Over Amortization
$58,589.67
By renewing at the lower rate
Frequently Asked Questions
When does my mortgage renew?
At the end of your term (typically 1-5 years). Your lender will send a renewal offer, usually 21 days before maturity. You are not obligated to renew with the same lender.
Can I switch lenders at renewal?
Yes. As of 2024, the stress test is no longer required when switching lenders at renewal (as long as you do not increase the mortgage amount). This makes it easier to shop for better rates.
Should I lock in a new rate early?
Many lenders offer rate holds 90-120 days before renewal. If rates are rising, locking in early can save money. If rates are falling, you can wait for a better offer.
Official Data Sources
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Built and reviewed by Konstantin Iakovlev · Data from CRA, CMHC, Bank of Canada · MethodologyDisclaimer: This calculator provides estimates based on publicly available data from CRA and other government sources. It does not constitute financial advice. Consult a qualified advisor for decisions about your specific situation.
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