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Refinance & Mortgage Renewal Calculator

Should you refinance or renew? Compare payments, penalties, fees, interest savings, and the break-even point of a new mortgage rate.

Start calculating
  • No sign-up
  • Instant results
  • Restores your last inputs

1. Enter your numbers

Start with the assumptions you know.

2. Adjust the scenario

Change one input to see what matters.

3. Review the result

Use the estimate to compare and prepare.

Your current mortgage
$
%
The new mortgage
%
$
$
$
Is the switch worth it?

Monthly savings

$316

$3,119 → $2,802

Break-even

1 yr 6 mo

How long until the savings repay the up-front cost

Current payment
$3,119
New payment
$2,802
New loan amount
$480,000
Up-front cost

Penalty plus legal and other fees

$5,700
Interest left on current mortgage
$343,310
Interest on new mortgage
$259,809
Net interest saved

After penalty and fees, over the full amortization

$77,802

Estimates only, based on Canadian semi-annually compounded fixed-rate mortgage conventions and the rates you entered — not a rate quote or an offer. Penalties vary by lender and mortgage type; ask your lender for an exact payout statement before deciding.

Rules last reviewed 2026-08-01.

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About this refinance / renewal calculator

Use this free Canadian real estate calculator to explore scenarios before speaking with a lender, REALTOR®, lawyer, accountant, or other qualified professional. Results are estimates and should not replace professional advice.