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

Mortgage Renewal Calculator

Over 1.2 million Canadian mortgages are renewing in 2025-2026. Many were signed at 1.5-2.5% in 2020-2021. See exactly what your new monthly payment looks like, and how much you could save by spending 30 minutes shopping your rate.

What renewal actually changes
Your old rate→Today's rate→The new payment→What shopping it saves
Over 1.2 million Canadian mortgages renew in 2025 and 2026, 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.
%
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.

The 120-Day Window

The bank is counting on you to sign without looking. A 30-minute call to a mortgage broker costs you nothing and could save you thousands. The 120-day window before renewal is when you have leverage. Your current lender knows you might leave.

Canadian Mortgage Math

Canadian mortgages compound semi-annually by law, not monthly like US mortgages. This calculator uses the correct Canadian formula, so results match what your lender will quote.

The effective monthly rate is: (1 + rate/200)^(1/6) - 1

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

Read the mortgage renewal guide →

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 cause you significant stress, the certainty of fixed often has real value beyond just math.

Is it worth switching lenders at renewal?

Often yes. Your current lender counts on inertia. Shopping around can reveal rates 0.3-0.7% 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?

If you are renewing with your existing lender, the stress test does not apply to the renewal. If you switch lenders, you must qualify under the current stress test rules (contract rate plus 2%, or 5.25%, whichever is higher). This matters if your financial situation has changed since your original mortgage.

What is an open vs closed mortgage?

A closed mortgage locks in your rate and term but limits extra payments (usually to 10-20% of the original principal per year). An open mortgage allows you to pay off the balance at any time without penalty, but the rate is typically higher. Most Canadians use closed mortgages for the lower rate, especially during high-rate periods.