Canadian mortgage calculator
Canadian mortgage renewal calculator
Estimate your payment after renewal and compare a longer amortization, a lump sum, and your current remaining schedule.
Private inputs · Transparent assumptions
Your decision ledger
Mortgage renewal decision
Work through your current mortgage, renewal offer, and options. Results update locally and the normal page URL stays clean.
Step 1 of 4 · Current mortgage
Your estimate needs valid inputs
Correct the highlighted fields and confirm unusually large balances. Results update automatically.
How to use this result
Start with the decision, then inspect the assumptions.
A mortgage renewal changes the rate and term on your outstanding balance, not the original amount you borrowed. The most useful comparison starts with your lender statement: current balance, actual payment, remaining amortization, payment frequency, and renewal date. Then test a range of rates instead of treating one forecast as certain.
How the calculation works
RateReset converts the nominal annual mortgage rate, compounded semi-annually, into the periodic rate for your payment frequency. It then amortizes each payment through the selected term, retaining internal precision until display. Accelerated payments use one-half or one-quarter of the calculated monthly payment.
For the full notation, rate conversion, rounding approach, and limitations, see the calculation methodology.
Worked Canadian example
Put the estimate in context
Consider an Ontario homeowner renewing a CA$478,000 balance with 20 years remaining. At 2.79%, the calculated principal-and-interest payment is approximately CA$2,597 per month. At an assumed 5.15% renewal rate, the calculator shows the payment under the remaining schedule, then compares extending the amortization and applying CA$20,000 before renewal. The lower payment from extending amortization should be considered alongside the higher balance remaining later.
Before relying on it
Common mistakes
- 01Using the original mortgage amount instead of today’s balance.
- 02Comparing monthly and biweekly payments without converting their annual cash-flow impact.
- 03Looking only at the payment and ignoring term interest or the balance at the next renewal.
- 04Assuming a prepayment is permitted without checking the mortgage contract.
Clear answers
Frequently asked questions
How early should I prepare for mortgage renewal?
Start reviewing your balance, budget, prepayment privileges, and lender options four to six months before the maturity date. Your contract controls when you can renew or switch without a penalty.
Can I change amortization at renewal?
It may be possible, subject to lender approval, qualification rules, and the mortgage type. A longer amortization can lower the payment but generally increases interest and leaves more principal outstanding.
Is this a lender quote?
No. It is an educational estimate using the values you enter and standard Canadian mortgage math.
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Official references
Sources used
Estimates are for educational purposes and may differ from lender calculations, contractual terms, taxes, fees, or regulatory requirements. Read the full disclaimer.
Last reviewed July 26, 2026. Content is marked for financial and compliance editorial review before material policy changes are published.