Last reviewed: June 2026
This page explains the assumptions behind the mortgage calculators on this website. It is intended to make the estimates easier to understand and independently check.
Payment estimate
The renewal calculator estimates a level mortgage payment from the remaining principal, the entered annual interest rate, the remaining amortization, and the selected payment frequency. Canadian fixed-rate mortgages commonly quote a nominal annual rate compounded semi-annually; an equivalent periodic rate is used for the selected payment schedule.
Renewal comparison
The current-rate and renewal-rate scenarios use the same entered balance and amortization so that the displayed payment difference isolates the rate change. A lump-sum amount is applied to principal before the renewal payment is estimated.
What the estimate excludes
- Lender-specific rounding and payment-date conventions.
- Mortgage insurance premiums, property taxes, and optional products.
- Discharge, appraisal, legal, transfer, or registration fees.
- Penalties, portability rules, and lender-specific prepayment limits.
- Variable-rate payment triggers or contract-specific adjustments.
How to use the result
Treat the result as a planning estimate, not a quote or recommendation. Confirm the rate, term, amortization, payment, fees, privileges, and calculation method in writing with your lender or mortgage professional before making a decision.
Questions about an estimate can be sent through our contact page.