Renewal Closing Costs Calculator Renewal Closing Costs Calculator

A standard-charge straight switch is usually $0 for you — the incoming lender pays legal, appraisal and title, and you pay only the discharge fee to your old lender ($300–$400). A collateral-charge switch or any refinance (new money, amortization change) costs $900–$1,700 in legal/notary plus $0–$350 appraisal and $250–$350 title. Quebec notary switches always cost $1,200–$1,700.

Collateral charges (TD, Tangerine, National Bank and some others) are registered for 100–125% of the home's value, not just your mortgage balance, so the charge can't be assigned with a simple transfer. It must be discharged and re-registered by a lawyer/notary at your expense. Standard charges from monoline lenders (First National, MCAP, RFA, CMLS, RMG) assign cleanly lender-to-lender for little or no fee.

No. Quebec transfers require a notary act even for a straight switch, and the incoming lender rarely covers that notary fee. Budget $1,200–$1,700 for the notarial act plus disbursements. Title insurance is not used in Quebec — the notary's due diligence replaces it.

On a standard-charge switch, most national lenders (Scotia, BMO, CIBC, RBC, monoline switch programs) waive appraisal and title as a switch incentive. Collateral switches and refinances almost never qualify — you'll pay both. The calculator auto-zeroes covered items on a standard straight switch and shows them when you toggle collateral or refinance.

The discharge fee ($300–$400 depending on province and lender) is charged by your outgoing lender to prepare and register the discharge. It's non-refundable and separate from any prepayment penalty if you break before renewal. At renewal there is no penalty — only the discharge fee and any new registration costs.