Renewal Calculator
Your mortgage renewal is an opportunity to save. Compare your current rate against new options to see how much you could save — or budget for — over your next term.
Configured mortgage rate rules are required before renewal estimates can be calculated.
Disclaimer: The estimates and calculations shown above are for illustrative purposes only and should not be relied upon as financial advice. Actual mortgage rates, terms, and eligibility depend on your personal financial situation, credit history, and current market conditions. Please consult a licensed mortgage broker, financial advisor, or your bank to determine your actual affordability and costs before making any purchasing decisions.
Navigating Your Mortgage Renewal
Your renewal is one of the best chances to improve your mortgage terms. Here is what you need to know to make the most of it.
When to Start Your Renewal
Starting before maturity leaves time to compare offers and confirm any lender-specific conditions:
- Check the maturity date and the lender's renewal-notice timeline
- Ask whether a rate hold is available and record its expiry and conditions
- Compare the complete offer before accepting a renewal
Renewal vs Refinance
Understanding the difference can save you thousands of dollars over the life of your mortgage:
- Renewal keeps your existing mortgage terms and simply sets a new rate and term
- Refinancing replaces your mortgage entirely — you can change lenders, access equity, or consolidate debt
- Refinancing may involve appraisal fees, legal costs, and potentially a new stress test
Negotiation Tips
Your current lender's renewal offer is rarely their best rate. Here's how to get a better deal:
- Never just sign and return the renewal letter — treat it as a starting point
- Get quotes from at least 2-3 competing lenders to use as leverage
- Consider using a mortgage broker — they can access rates from dozens of lenders at no cost to you
Not sure whether to renew or refinance?
Our team can connect you with trusted mortgage professionals who will help you evaluate your options and negotiate the best rate for your situation.
Ready to Find Your Dream Home?
Get in touch today for a free consultation. No obligation, no pressure — just honest, expert guidance.