Reviewed by Scott Dillingham · Licensed Mortgage Agent (Ontario, Level 2) · Updated September 21, 2026
Mortgage Renewal Calculator (Canada)
One calculator first: balance, remaining amortization, current payment, and the bank's offered rate versus a rate to compare. The other tools are linked underneath.
Need today's numbers first? See our current mortgage rates Canada snapshot (Bank of Canada and prime) or the best mortgage renewal rates comparison (Big Six vs. broker) before you run the numbers below.
Mortgage Renewal Calculator
Bank offer versus a rate to compare. Example numbers — not a live quote.
$3,286
$3,152
$11,727
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The compare rate payment is $3,152. Get a broker quote for these numbers.
A broker will confirm this with real lender quotes, for free.
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What these numbers mean.
15+ free renewal tools — payment, switch-vs-stay, penalties, stress test, blend-and-extend, and more. Start with our renewal explainer or personalized plan wizard.
Three ways to read the result
Same balance, lower rate
On $600,000, a 0.50% lower rate saves roughly $15,000 over five years before switch costs. That illustration is the rate-comparison case, not a live quote.
Payment frequency
Monthly, bi-weekly, and accelerated bi-weekly all start from the same semi-annual monthly payment. Accelerated bi-weekly is half the monthly payment, paid every two weeks.
Breaking a term is not a renewal
If you are leaving before maturity, estimate the penalty first, then the switch. Use the penalty calculator and the switch versus stay calculator.
How to Use These Calculators
Payment Estimator
Enter your balance, new rate, and remaining amortization to see your new payment. Compare monthly, bi-weekly, and accelerated options.
Rate Comparison
Enter your bank's rate and a broker's rate to see exactly how much you save monthly, annually, and over 5 years.
Amortization Extension
See what extending your amortization does to your payment and total interest — the key trade-off for affordability.
Penalty Estimator
Thinking of breaking your mortgage early? Estimate your IRD or 3-month interest penalty and the breakeven point.
Debt Consolidation
Model what rolling your credit cards, car loan, or line of credit into your mortgage does to your monthly cash flow.
Canadian Mortgage Math Note
Unlike US mortgages, Canadian mortgages compound semi-annually (twice per year), not monthly. This means the effective monthly rate is slightly different from the nominal annual rate divided by 12. For a complete list of Canadian mortgage terms and how they affect your renewal, see our mortgage renewal glossary.
Effective monthly rate = (1 + annual_rate / 2)^(1/6) − 1
Monthly payment = P × [r(1+r)^n] / [(1+r)^n − 1]
Where: P = principal, r = effective monthly rate, n = number of payments
Calculator FAQ
Do mortgage payments go up at renewal in Canada?
Often yes in 2025–2026 if you are leaving a pandemic-era rate near 2% for a market rate near 4%. Use the payment estimator with your balance, new rate, and remaining amortization to see the exact increase before you sign.
How do I calculate savings from switching lenders?
Enter your bank's renewal rate and a broker quote in the rate comparison tool. On $600,000, a 0.50% lower rate saves roughly $15,000 over five years before switch costs. Pair it with the switch vs. stay calculator for net savings after discharge and legal fees.
Do these calculators use Canadian compounding?
Yes. All tools use semi-annual compounding (the Canadian standard), not US-style monthly compounding. That changes the effective monthly rate slightly versus dividing the annual rate by 12.
Related Guides
Payment Shock at Renewal 2026
Why renewal payments rise in 2026 — and how to estimate and reduce the increase.
Best Mortgage Renewal Rates
Current best renewal rates — fixed and variable — across Canada.
Switching Lenders at Renewal
How to change lenders at renewal — prescribed-MQR exempt on uninsured straight switches; overlays remain.
Stress Test Calculator
See if you qualify at today's benchmark qualifying rate.
Switch vs. Stay Calculator
Compare staying with your lender vs. switching, net of fees.
Book a Free Strategy Call
20-minute call with a licensed broker — free, no obligation.
The numbers check out — now what?
Book a call for live offers, or check today's best renewal rates.