Mortgage Payment Calculator
See your payment at any frequency, the interest you pay over the term, and the balance left at maturity.
Open calculatorRenewal Comparison Calculator
Ontario - License #11000073 · Nova Scotia - Licence #2023-3000786 · Mortgage Outlet Inc #12628
What does signing your renewal letter actually cost you?
Put your lender's renewal rate next to an agent rate and see the difference in payment and in total interest over the term. Percentages hide the number; dollars do not.
Renewal comparison calculator
Compare the renewal rate your current lender mailed you against a rate we can shop, over the whole term, in dollars.
Net saving over 5 years
$17,729
- Payment at renewal rate
- $2,803.18
- Payment at compared rate
- $2,601.27
- Monthly difference
- $201.91
- Interest saved over term
- $17,729
- Extra principal paid off
- $5,614
- Less switching costs
- - $0
Estimate only. Switching can involve discharge, appraisal or legal costs; enter them above. Breaking a term early can trigger a prepayment penalty we can quote for you.
A renewal letter is an offer, not a rate
The rate printed on your renewal letter is a starting position. Lenders know most people sign, so the first offer is rarely the best one that lender would give a new client with your credit and equity.
You do not have to leave to benefit. Often the best outcome is a competing offer in hand and a phone call to your existing lender.
Compare more than the rate
- How the penalty is calculated if you break early
- Prepayment privileges: lump sum and payment increase limits
- Whether the charge is standard or collateral
- Portability if you might move during the term
- Whether the amortisation is being quietly extended
- Is my bank's renewal offer usually competitive?
- Sometimes, and we will say so when it is. Renewal letters are frequently priced above what the same lender offers new clients, because most borrowers sign them without comparing. A small difference on a large balance is real money over five years.
- How much can switching lenders at renewal save?
- Enter your balance and the two rates above to see it in dollars. As a guide, a 0.25% difference on a $500,000 balance is roughly $1,200 per year in interest, so a modest rate gap can cover the cost of switching many times over.
- Does it cost anything to switch lenders at renewal?
- A straight switch at maturity is usually inexpensive and many lenders cover the appraisal, legal and discharge costs. Breaking mid-term is different, because a prepayment penalty applies.
- When should I start shopping my renewal?
- Roughly 120 days before maturity. Most lenders will hold a rate for you at that point, so you get the better of that rate or the rate at closing, with no downside to starting early.
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Open calculatorSend us your renewal letter before you sign it
We'll shop it across A lenders and tell you plainly whether your current lender's offer is already the best one.