Last updated: 2026 assumptions reviewed. Assumptions & sources
Tools & Resources

Mortgage Renewal Calculator

About 980,000 Canadian mortgages renew in 2026, after roughly 1.2 million renewed in 2025. Many were signed at 1.5 to 2.5 percent in 2020 and 2021. See what your new monthly payment looks like, and what 30 minutes of shopping your rate could save.

What renewal actually changes
Your old rate→Today's rate→The new payment→What shopping it saves
CMHC counts about 980,000 renewals in 2026, on top of roughly 1.2 million in 2025, many signed at 1.5 to 2.5 percent. Thirty minutes of shopping is worth real money here.

Your Mortgage Details

A one-tap starting point. Adjust anything below.
$450,000
$
The amount still owing when your mortgage renews.
years
How many years remain in your total amortization period.
years
Stretching the years back out lowers the monthly payment and adds interest over the life of the mortgage. Leave blank to keep your current schedule.
%
The rate on your mortgage that is about to expire.
5.20%
%
The renewal rate your current lender is offering.
%
What a broker or competing lender might offer. Leave blank to skip this comparison.

Your Renewal Impact

$0
Current Monthly Payment
$0
New Monthly Payment
$0
Monthly Increase
$0
Annual Increase
5-Year Term Total Increase
$0

Your Payment Shock, Visualized

Enter your details to see the change.

Both bars use the same scale. The highlighted piece is your monthly payment shock.

Before you sign the renewal, work out whether the new payment still fits the month. The home affordability calculator runs the housing side against your income, and the giving affordability calculator shows what the new payment leaves for giving once the rest of the month is in. If you are married, say the new number out loud to your wife before the renewal date arrives.

The 120-Day Window

The bank is counting on you to sign without looking. A 30-minute call to a mortgage broker is free and could save you thousands. In the 120 days before your renewal date you have the upper hand, because your current lender knows you might leave.

Canadian Mortgage Math

Under the Interest Act, a Canadian fixed-rate mortgage with blended payments compounds semi-annually. This calculator uses that convention. Your lender's own quote can still land a few dollars away, because payment frequency, day counts and rounding all move the figure.

Variable-rate mortgages at some lenders compound monthly instead, so check your renewal letter if you are coming off a variable term.

Where to Look for Better Rates

Mortgage brokers
Access dozens of lenders in one call. Usually free: the lender pays the broker. Start here.
Credit unions
Often competitive on renewals and more willing to negotiate on terms.
Rate comparison sites
Useful for ballpark numbers before you talk to a broker.
Compare current rates at Ratehub →

Read More

Most of the dread around a renewal is coming from the part of the number you have not let yourself look at yet, far more than from the mortgage itself. Opening the statement and calling a broker shrinks it down to the actual size of the problem.

The theology of enough, when the mortgage is the biggest number → The Christian homebuying guide for Canada →

Results are estimates based on standard Canadian mortgage amortization math. Speak to a mortgage broker for accurate renewal options tailored to your situation.

Frequently Asked Questions

How early can I start shopping my mortgage renewal in Canada?

Most lenders allow you to start the renewal process 120 days (about four months) before your current term ends without a penalty. Starting early gives you time to compare rates from multiple lenders, including banks, credit unions, and mortgage brokers.

Should I go fixed or variable at renewal?

It depends on your risk tolerance and your financial situation. Fixed rates provide certainty: the same payment for the full term. Variable rates fluctuate with the Bank of Canada's overnight rate and have historically been lower on average, but they carry the risk of rising payments. If rate uncertainty would keep you awake, the certainty of a fixed rate is worth paying a little for.

Is it worth switching lenders at renewal?

Often yes. Your current lender counts on inertia. Shopping around can reveal rates 0.3 to 0.7 percentage points lower than what your bank offers on renewal. Even a 0.5% rate difference on a $400,000 mortgage saves roughly $2,000 per year in interest. The switching costs are usually minimal (title insurance, a small legal fee), frequently paid by the new lender.

How does the stress test apply at renewal?

Since November 21, 2024, a straight switch to a new lender at renewal no longer needs the stress test. Keep the same loan amount and the same remaining amortization and the federal minimum qualifying rate is off the table, for insured and uninsured mortgages alike. A renewal with your existing lender has always been exempt. Where the stress test still bites is a refinance: borrow more against the house or stretch the amortization back out, and you qualify at your contract rate plus 2% or 5.25%, whichever is higher.

What if I can't afford the new payment?

Start with the real number in front of you, then work three levers in order. Shop the rate, because a competing quote costs you one phone call. Look next at the amortization: stretching the remaining years back out lowers the monthly payment and adds interest over the life of the mortgage, so treat it as breathing room you intend to undo. Put any lump sum you have against the principal at renewal, which lowers the payment for the whole term. If a gap is still there after all three, call your lender inside the 120-day window and tell someone you trust what you are carrying.