Compare real offers
Enter the rates you have from your current lender, another lender, or a broker. Keep the term length consistent when comparing.
Mortgage renewal calculator
Canadian Mortgage Renewal Shock Calculator
Estimate payment changes at renewal, compare rate options, test a lump sum, and prepare questions to ask your lender or broker.
Before you calculate
This calculator is for comparing renewal options before you sign. It is most useful when you have the balance at renewal, current payment, remaining amortization, renewal rate offers, and any switching fees.
The payment estimate uses a standard Canadian mortgage formula. Your lender may calculate details differently depending on compounding, exact dates, insured status, prepayment privileges, and product features.
How to use this calculator
Include switching costs
Add legal, appraisal, discharge, and administration fees so a lower rate is compared against the real cost of moving.
Check the payment strain
If you enter household income, the report gives a simple payment-to-income flag before other housing costs and debts.
Ad placeholder
Placed before the calculator so the report stays easy to read.
Enter renewal details
Canadian Mortgage Renewal Shock Calculator
Ad placeholder
Mid-page display ad location
Common mistakes
- Comparing one lender's fixed rate with another lender's variable rate as if the risk is the same.
- Looking only at the payment and ignoring the remaining balance after the term.
- Extending amortization without estimating the extra long-term interest cost.
- Ignoring discharge, appraisal, legal, and administration fees when switching lenders.
- Forgetting to ask whether prepayment privileges, portability, penalties, and insured-status rules change.
Coming soon: downloadable spreadsheet version
The calculator is free. A spreadsheet version may be added later for deeper renewal comparisons.
Sources and assumptions to verify
Payments are estimated with Canadian semi-annual compounding converted to the selected payment frequency. Lender calculations, prepayment rules, insured status, and fees can differ.
- FCAC: renewing your mortgage
- FCAC mortgage calculator
- Your lender's renewal offer, mortgage contract, penalty terms, and prepayment privileges
- Written quotes from competing lenders or a licensed mortgage broker
FAQ
What is mortgage renewal shock?
It is the payment change that can happen when your mortgage renews at a new rate or under different amortization terms.
Does this include switching costs?
Yes. Enter switching, appraisal, legal, discharge, or administration fees to see a rough break-even rate difference.
How are payments estimated?
The calculator uses Canadian semi-annual compounding converted to the selected payment frequency.
Is extending amortization always cheaper?
No. It may lower the payment but increase total interest and keep the mortgage outstanding longer.
Should I compare fixed and variable rates directly?
You can compare the payment, but the risk is different. A variable rate can change, so ask how payment changes would be handled.
Why does remaining balance after the term matter?
A lower payment can still leave you with a higher balance later. The best option is not always the one with the lowest monthly payment.
Disclaimer
This tool is for general informational purposes only. It is not financial, legal, tax, employment, or government advice. Confirm details with your employer, lender, government source, or qualified professional.
Last reviewed: July 28, 2026
Ad placeholder
Bottom display ad location