Mortgage renewal calculator
Compare the rate your lender offered with another rate: monthly payment, interest over the term and balance at the end of the term.
Mortgage rules last reviewed: September 29, 2026
- Monthly payment, offered rate
- $2,958
- Monthly payment, comparing rate
- $2,828
- Monthly payment difference
- $130
- Interest over the term, offered rate
- $108,281
- Interest over the term, comparing rate
- $96,913
- Balance at end of term, offered rate
- $410,777
- Balance at end of term, comparing rate
- $407,231
- Monthly payment
- $2,958
- Interest over the term
- $108,281
- Balance at end of term
- $410,777
- Monthly payment
- $2,828
- Interest over the term
- $96,913
- Balance at end of term
- $407,231
For illustration only. Not a rate quote, approval or pre-qualification.
How this is calculated
- Switching lenders can involve legal and appraisal costs. Weigh them against the interest difference.
- Since November 21, 2024, a straight switch of the same amount and amortization to another federally regulated lender generally does not require re-passing the stress test. Lenders' policies vary.
- Estimates only. They assume monthly payments, semi-annual compounding and a rate that stays fixed for the whole term.
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.