- Enter your mortgage balance
Add the amount you still owe on your mortgage. - Enter your current interest rate
This helps compare your current mortgage with your renewal scenario. - Enter your expected renewal rate
Use the rate offered by your lender or test different rates to compare scenarios. - Choose your remaining amortization
Select how many years are left until your mortgage is fully paid off. - Select your payment frequency
Choose monthly, bi-weekly, accelerated bi-weekly, weekly, or accelerated weekly. - Add an optional lump-sum prepayment
If you plan to pay extra at renewal, enter that amount to estimate possible interest savings. - Review your results
Compare your estimated new payment, payment change, term interest, remaining balance, and possible savings.
The calculator is for educational and estimation purposes only. Always confirm your mortgage details with your lender or mortgage professional.
Calculate your potential savings with our [Mortgage Renewal Calculator Canada]
Step-by-Step Calculator Walkthrough
Start with the balance shown on your latest mortgage statement, not the original amount borrowed. Enter your current rate only as a comparison point, then enter the rate you are considering for the next term. Use the remaining amortization at the renewal date and choose the payment frequency stated in the offer.
Worked example
Suppose a homeowner has a $400,000 balance, 20 years remaining, and a current rate of 2.75%. If the proposed renewal rate is 5.15%, the calculator compares the estimated payments using the same balance and amortization. This isolates the rate change. The result is a planning estimate; the lender may use different payment dates, rounding, fees, or contract rules.
Testing a prepayment
Run the calculation once with no lump sum, record the result, and run it again with an amount permitted by your mortgage contract. Compare both the payment and projected term interest. Confirm the allowed amount and timing before sending money to a lender.
Reading the shock meter
The shock meter translates the estimated payment change into monthly, annual, and percentage terms. Use the annual number when reviewing a household budget. A high reading is a prompt to compare scenarios and ask questions, not a prediction that a mortgage will be unaffordable.
Common input mistakes
- Entering the original mortgage instead of today’s balance.
- Using the term length where the calculator asks for remaining amortization.
- Assuming a promotional rate is guaranteed before receiving a written offer.
- Entering a prepayment that exceeds the contract privilege.
Review our calculation methodology, then open the renewal calculator to compare your scenarios.
Primary Canadian reference
The Financial Consumer Agency of Canada explains what to review when a mortgage term ends: Renewing your mortgage.
Questions to Ask Before Relying on the Result
Use the estimate to prepare a short list of questions for the lender or broker. Ask which balance date was used, whether the payment includes property taxes or optional insurance, how interest is compounded, and whether the offered payment changes the remaining amortization. Also confirm whether the quoted payment is rounded and whether it begins immediately or on the next scheduled payment date.
Scenario checklist
Keep a simple record for every scenario: the date calculated, balance, rate, amortization, frequency, prepayment, estimated payment, and source of the proposed rate. Naming each scenario clearly, such as “current lender five-year fixed” or “alternative three-year fixed,” makes later comparisons easier and reduces the chance of mixing assumptions.
When the calculator is not enough
A calculator cannot evaluate qualification requirements, legal obligations, tax consequences, mortgage suitability, or the probability of future rate changes. Seek personalized help when switching lenders, refinancing, changing ownership, extending amortization, or managing payment difficulty. Bring the written offer and your saved scenarios so the professional can identify the exact assumptions that need confirmation.
For a broader comparison process, read How to Compare Mortgage Renewal Offers in Canada.