Mortgage refinance calculator
Estimate your new mortgage amount, new payment and available equity if you refinance your Ontario home, including any penalty and closing costs.
Mortgage rules last reviewed: September 29, 2026
From your lender, or use the prepayment penalty calculator.
- New mortgage amount
- $551,500
- Cash you would receive
- $100,000
- Penalty and costs rolled in
- $1,500
- Current monthly payment
- $3,080
- New monthly payment
- $3,173
- Monthly change
- +$93
- Most equity available to borrow (80% of value)
- $350,000
- Loan-to-value after refinancing
- 55.1%
For illustration only. Not a rate quote, approval or pre-qualification.
How this is calculated
- A refinance is re-qualified at today's stress-test rate (the higher of your new rate + 2% or 5.25%), so your income and debts are reviewed again.
- Legal, appraisal and penalty amounts are estimates. Get a payout statement from your lender for the exact penalty.
Calculator disclaimer
Calculators are provided for general informational and illustrative purposes only.
Results are estimates and may not reflect lender-specific qualification requirements, mortgage-insurance premiums, taxes, fees, available products, payment calculations or other transaction costs.
Calculator results do not constitute:
- Mortgage approval
- Pre-approval
- A rate commitment
- A lending commitment
- Financial advice
- Tax advice
- Or legal advice
Mortgage rules, rates and lender requirements can change.
For advice about your specific circumstances, speak with the appropriate licensed professional.
But how does this apply to your business income?
This calculator estimates the numbers you entered. How a lender treats your salary, dividends or business income is a separate question, and it's the one the Mortgage Readiness Review looks at first.