Renew with the same lender
The balance and remaining amortization usually continue. Compare price and contract features before accepting the letter.
The comparison workspace
Prepare once. Compare with confidence.
Use figures from your renewal letter, payout statement or another written offer. The result stays visible while you refine the inputs.
What to check next
This comparison uses only the figures you enter.
The Ontario mortgage renewal guide covers timing, negotiating and switching lenders, and how a renewal differs from a refinance matters if Offer B adds funds or changes the amortization.
If you would end your current term before it matures, read how prepayment penalties are calculated and ask your current lender for a written payout statement, because the calculator only uses the costs you enter.
If Offer B is with another lender, check when the stress test applies to a lender switch.
If either offer is variable, how fixed and variable mortgages compare explains the payment risk, which this calculator does not model.
Prefer to ask in an AI assistant? The mortgage calculator for ChatGPT and Claude compares renewal offers from the figures you type there. Unlike this page, it sends those figures to a calculation service.
Read the result correctly
Three paths that can look similar—but are not.
The calculator changes the structure only when you choose refinance. Qualification and exact product features still require lender review.
Eligible straight switch
An uninsured straight switch between federally regulated institutions may be exempt from OSFI's prescribed minimum qualifying rate when the balance and remaining amortization do not increase. Lender underwriting still applies.
Source: OSFI, observed 2026-09-17.
Refinance
Adding money or extending the amortization is a refinance. It may change qualification and costs. A lower payment can still mean more interest over the full repayment path.
Methodology
Built to compare—not to predict.
For each entered annual rate, the engine converts a nominal Canadian rate compounded semi-annually to an equivalent monthly rate:
i = (1 + j/2)^(2/12) - 1
Payments use the standard closed-form amortization formula. The comparison horizon is the shorter of the two entered terms. Interest, principal repaid and ending balance are calculated on that same horizon so an unequal term does not receive extra months of credit. For 0%, payment is principal divided by amortization and interest is zero.
Calculations keep full floating-point precision and round public money half-up to cents only at the output boundary. Exact lender schedules can differ by a cent because lenders may post each payment to cents.
Version and source stamp
- Calculation version: renewal-ca-v1.1
- Formula review date: September 17, 2026
- Fixture set: R01-R14 plus negative tests
- Rate source: user-entered rates (written offers or labelled scenarios)
- External rate status: unavailable
- Privacy mode: browser only
Primary anchors: FCAC mortgage calculator and Interest Act, section 6.
Decision guardrails
The number is a starting point, not the whole contract.
A written offer and payout statement are more useful than a guessed fee. Enter exact figures when you have them.
What this result cannot know
- Your exact payout, prepayment penalty or discharge statement.
- Whether a lender will approve the file or the final rate it will offer.
- Appraisal, title, property or product restrictions.
- How a variable rate will change. Variable results hold the entered rate constant.
- The renewal rate after the shorter entered term ends.
Compare the contract, not just the payment
- Prepayment privileges and penalty method
- Portability and blend options
- Standard or collateral charge
- Cashback clawback
- Fixed or variable payment mechanics
- Service conditions and discharge process
Questions people ask
Mortgage renewal calculator FAQ
Does this calculator use live mortgage rates?
No. Enter rates from written offers or use clearly labelled scenarios. The page does not fetch or silently substitute a market rate.
How are Canadian mortgage payments calculated?
The calculator converts the nominal annual rate compounded semi-annually to an equivalent monthly rate, keeps full precision through the calculation, and rounds displayed money half-up to cents.
Is a straight switch the same as a refinance?
No. A straight switch keeps the mortgage balance and remaining amortization from increasing. Adding funds or extending amortization is a refinance and may change qualification, costs and total interest.
Does the calculator determine whether I qualify?
No. It compares entered scenarios. Lender underwriting, exact payout charges, property requirements and final pricing require a file review and lender documents.
Are my mortgage numbers sent anywhere?
No. Calculations, saved print views and inputs stay in this browser. The page does not store or transmit entered financial values.