Mortgage Renewal Offer Comparison Worksheet Canada

Mortgage renewal worksheet

Compare Renewal Offers Before You Sign

A mortgage renewal offer can look simple at first glance, but the rate is only one part of the decision. This worksheet helps Canadian homeowners compare a current lender offer, a broker option, or another lender offer using the same information.

The goal is not to choose an offer for you. It is to organize the details you may want to confirm with your lender, mortgage broker, or qualified financial professional before accepting a renewal agreement.

How to Use This Worksheet

  1. Collect each written offer or quote you want to compare.
  2. Use the same mortgage balance, amortization, payment frequency, and start date where possible.
  3. Enter the rate, term, payment, prepayment privilege, fees, penalties, and notes for each offer.
  4. Use the Mortgage Renewal Calculator Canada to estimate payment scenarios.
  5. Ask the lender to explain any item you cannot compare clearly.

Offer Comparison Table

Item to Compare Current Lender Offer Broker Offer Other Lender Offer
Quoted interest rate
Term length
Fixed or variable
Estimated payment amount
Payment frequency
Remaining amortization used
Prepayment privilege
Penalty wording
Discharge or transfer fee
Appraisal or legal cost
Portability rules
Optional products included?
Rate hold or expiry date
Important notes

If this table is difficult to view on a small screen, you can copy these comparison items into a spreadsheet or write notes beside each offer. The purpose is to compare each offer using the same balance, amortization, payment frequency, fees, and contract features.

Questions to Ask Before Accepting an Offer

  • Is this the lowest rate available to me from this lender today, or are other terms available?
  • What fees would apply if I transfer the mortgage to another lender?
  • Does the payment include property tax, insurance, optional products, or other charges?
  • How is the penalty calculated if I break the mortgage before the term ends?
  • Can I make lump-sum payments or increase my regular payment during the term?
  • Can I port the mortgage if I sell and buy another home?
  • What date does this offer expire?

Example: Same Rate, Different Contract Features

Two offers may show the same interest rate but have different prepayment privileges, penalty wording, portability rules, or transfer costs. A slightly lower payment is not the only factor to review. The contract conditions may matter if your income, home plans, or cash flow changes during the term.

Related Tools and Guides

Use the Mortgage Renewal Calculator Canada to estimate payment scenarios and the Mortgage Prepayment Calculator Canada to review lump-sum or extra payment scenarios. For more context, read Mortgage Renewal Examples Canada, How to Compare Mortgage Renewal Offers in Canada, and Switching Mortgage Lenders at Renewal in Canada.

Reminder: This worksheet is for general educational planning only. It does not replace a written mortgage offer or advice from a lender, mortgage broker, lawyer, accountant, or qualified financial professional.

Decision support

Compare the Full Renewal Cost, Not Only the Rate

Use the worksheet as a same-assumptions comparison. Each offer should be reviewed with the same balance, amortization, payment frequency, term length, and start date where possible. The goal is to organize the decision, not to replace a written lender offer.

Fees and transfer costs

  • Discharge, transfer, assignment, appraisal, legal, notary, and administration fees.
  • Whether any fee is waived, reimbursed, capped, or conditional.

Contract flexibility

  • Prepayment privileges, payment-increase options, portability, and conversion rules.
  • Penalty wording if the mortgage is broken before the end of the term.

Mobile or spreadsheet use

If the table is difficult to view on a small screen, copy the comparison items into a spreadsheet or write notes beside each offer. Keep the same assumptions across all offers so the comparison remains fair.

Questions before signing

  • Which fees are included in the written offer and which are separate?
  • What changes if I choose a different term, rate type, or lender?

For broader consumer context, review FCAC’s renewing your mortgage guidance, then compare your own numbers with the renewal calculator.

Mobile-friendly comparison

Offer Comparison Items to Copy Into Your Notes

If the table is hard to use on a phone, review these cards one by one and write notes for each lender offer. This helps keep the comparison fair without relying only on the headline rate.

Quoted interest rate

Record the offered rate and whether it is fixed or variable.

Compare rate types

Term length

Compare one-, two-, three-, four-, or five-year terms using the same assumptions.

Review comparison guide

Estimated payment

Use the same balance, amortization, and payment frequency for each offer.

Estimate payment

Prepayment privileges

Note lump-sum limits, payment-increase rules, and whether unused room carries forward.

Test prepayment impact

Penalty wording

Ask how the penalty may be calculated if the mortgage is broken early.

Check switching costs

Switching costs

List discharge, appraisal, legal, notary, transfer, registration, and administration fees.

Review switching guide

Collateral charge

Ask whether the mortgage is standard charge or collateral charge and how that affects switching.

Compare beyond the rate

Optional products

Check insurance, cashback, bundled accounts, and other conditions attached to the offer.

Prepare questions

Rate hold or expiry date

Write down how long the offer is valid and what happens after expiry.

Plan your timing

Fillable worksheet

Build Your Renewal Offer Comparison

Enter details from up to four written offers. You can copy the summary, print it, save it as a PDF using your browser print dialog, email it through your own mail app, or save it on this device only. Nothing is sent to our server.

Item to compare Current lender offer Broker offer Other lender offer Optional fourth offer
Lender or broker name
Rate and rate type
Term length
Estimated payment
Payment frequency
Remaining amortization used
Prepayment privileges
Payment increase privileges
Penalty wording
Discharge or transfer fee
Transfer, registration, or administration fee
Appraisal, legal, or notary cost
Portability
Standard charge or collateral charge
Cashback or bundled-product conditions
Optional insurance or add-on products
Offer expiry date
Notes or questions

Missing Information Check

Use this check after entering offer details. It highlights fields that may need written clarification before you compare offers fairly.

Device save uses your browser local storage only. Use this worksheet as a planning aid and confirm all figures with the written offer from your lender or mortgage professional.

Offer analyzer lite

Compare Two Renewal Offers With the Same Timeframe

Use this lightweight comparison to organize two written offers. Enter the estimated regular payment, term length, and known one-time costs for each offer. The result is an educational estimate only; it does not include every lender-specific fee, penalty, insurance amount, tax item, or contract condition.

Offer A
Offer B

Enter both offers to see a same-timeframe estimate.

Before treating one offer as lower cost, confirm these items

  • Both offers use the same balance, amortization, payment frequency, and term length.
  • Prepayment privileges, penalty wording, portability, and conversion rules are comparable.
  • Discharge, transfer, appraisal, legal, notary, and administration fees are included or clearly separated.
  • Any cashback, insurance, bundled account, or rate-hold condition is understood in writing.

This tool runs in your browser and is for educational planning only. Confirm all numbers and contract terms with your lender, mortgage broker, or qualified financial professional.

Decision support

Compare the Full Renewal Cost, Not Only the Rate

Use the worksheet as a same-assumptions comparison. Each offer should be reviewed with the same balance, amortization, payment frequency, term length, and start date where possible. The goal is to organize the decision, not to replace a written lender offer.

Fees and transfer costs

  • Discharge, transfer, assignment, appraisal, legal, notary, and administration fees.
  • Whether any fee is waived, reimbursed, capped, or conditional.
Review switching costs

Contract flexibility

  • Prepayment privileges, payment-increase options, portability, and conversion rules.
  • Penalty wording if the mortgage is broken before the end of the term.
Test prepayment scenarios

Mobile or spreadsheet use

If the table is difficult to view on a small screen, copy the comparison items into a spreadsheet or write notes beside each offer. Keep the same assumptions across all offers so the comparison remains fair.

Open the fillable worksheet

Questions before signing

  • Which fees are included in the written offer and which are separate?
  • What changes if I choose a different term, rate type, or lender?
Prepare lender questions

For broader consumer context, review FCAC’s renewing your mortgage guidance, then compare your own numbers with the renewal calculator.

Offer review

What Your Renewal Offer May Not Clearly Explain

Before printing or saving your comparison worksheet, check whether each offer includes enough information to be compared using the same assumptions.

Remaining amortization

Confirm whether the offer uses the same remaining amortization as your other scenarios. A different amortization can change the payment even when the rate looks comparable.

Penalty wording

Ask how the penalty would be calculated if the mortgage ended before the new term is complete.

Prepayment privileges

Confirm lump-sum limits, payment-increase options, and when those privileges reset during the new term.

Portability and charge type

If you may move or switch later, ask how portability and standard-charge or collateral-charge wording may affect your options.

Transfer costs

Compare discharge, transfer, appraisal, legal, notary, registration, and administration fees that may apply.

Expiry and conditions

Record the offer expiry date, cashback conditions, bundled products, and optional insurance requirements.

This section is for organizing questions. It does not replace a written offer, personalized advice, or review by a qualified professional.

Decision checklist

Add These Often-Missed Items to Your Offer Notes

Use the worksheet to record details that may not appear in the headline rate comparison.

Remaining amortization used in the offer.
Payment frequency and whether the quoted payment matches your expected schedule.
Prepayment privileges, lump-sum limits, and payment-increase rules.
Penalty wording if the mortgage is broken before the new term ends.
Portability rules if you may move before the term ends.
Discharge, appraisal, legal, notary, transfer, registration, or administration fees.
Cashback, bundled products, or optional insurance conditions.
Whether the mortgage is standard charge or collateral charge and what that may mean for switching.

Use this as a conversation checklist. It does not replace a personalized review of your written mortgage offer or contract.

Recommended next step

Continue in Mortgage Renewal OS™

If you are not sure what to do next, use the guided workflow to connect this page with the calculators, worksheets, lender questions, and printable action summary.

Educational tools only. Always confirm final terms with the written offer and a qualified professional where needed.

Local privacy control

Manage Saved Data on This Device

Some tools can save your inputs in this browser’s local storage. You can remove those saved items here without contacting the server because these saves are not uploaded by the save function.

This action removes only Mortgage Renewal OS™ local saves from this browser. On a shared or public computer, use this before leaving the device.