Mortgage Renewal Calculator Canada
See exactly what a new rate means for your monthly payment, your annual costs, and the total interest you'll pay over your next term.
Your Current Mortgage
Rates
New Term Options
from $2,020 → $2,520 per month
Old Rate
1.99%
New Rate
4.49%
Annual Cost
Interest Over Your 5-Year Term
Hypothetical — what you would have paid
Tip: Your lender's renewal offer is rarely their best rate. Lenders typically contact you 120 days before renewal — that's your window to shop around or negotiate. Even 0.10% off on a $400,000 balance saves roughly $2,000 over a 5-year term.
What to know about your mortgage renewal
Canadian mortgages don't last the full amortization period — they come up for renewal every 1 to 5 years. At renewal, your lender offers you a new interest rate and term. This is not automatic: you need to decide whether to stay with your lender or switch.
Millions of Canadians who locked into historically low rates in 2020 and 2021 — many at 1.5% to 2.5% — are now renewing at rates that are two to three times higher. For a $400,000 mortgage, the difference between a 1.99% payment and a 4.99% payment is roughly $700–$800 per month. This calculator lets you see your exact numbers before you sign anything.
Your lender is required to contact you at least 21 days before your maturity date, but most send renewal offers 4–6 months early. That early offer is rarely their best rate — it's a starting point. Use the window between the renewal notice and your maturity date to compare lenders and negotiate.
At renewal, you can also change your payment frequency at no cost. Switching from monthly to accelerated bi-weekly is one of the highest-impact, lowest-effort moves available to Canadian homeowners. It doesn't change your rate — but by making the equivalent of one extra monthly payment per year, it can cut years off your amortization and save tens of thousands in interest.
Common renewal questions
Answers to the most important questions about Canadian mortgage renewal.