Renewal Payment Shock Calculator: Walkthrough With 2026 Numbers
How to use a renewal calculator properly — which balance, which rates, and how to read stay-vs-switch results before you sign.
Reviewed by Scott Dillingham · Licensed Mortgage Agent (Ontario, Level 2) · Updated September 19, 2026
Renewal coming up?
Garbage in, garbage out: most renewers run calculators with the wrong balance. Use your statement balance at maturity, not today’s balance.
Walkthrough
- Enter statement balance, remaining amortization, and your expiring rate.
- Enter the bank’s offered rate — note payment A.
- Enter a competing broker quote — note payment B.
- Add switch costs (legal, discharge) and divide by monthly savings = break-even month.
Reading results
- Break-even under 12 months: switch decisively.
- 12–24 months: switch unless you plan to sell.
- Over 24 months: negotiate harder or stay.
Run it: Break-Even Switch Calculator.
Context for 2020–2021 borrowers: First Renewal Payment Shock.
Full hub: Current Mortgage Rates Canada.
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