Early Mortgage Renewal Calculator

Have you been thinking about whether you should break your mortgage early to obtain a lower rate? Compare how much interest you’ll have to pay between your current mortgage and a possible refinanced mortgage. Plus, get additional insights, such as monthly payment adjustments, using this calculator. 

Please note:

• This calculator is best for comparing the current interest rate on your mortgage with a refinanced interest rate. 

• This calculator can be used for renewal, switch, or refinance. 

• This calculator it doesn't account for additional changes, such as new amortization. 

To use this calculator, input your mortgage details in the respective fields by following these steps:

• Step 1: Identify your current mortgage balance and add in the first field.

• Step 2: Add your current monthly payment. Include principal and interest, do not include property tax.

• Step 3: Add your current annual interest rate, followed by the annual interest rate used for your refinance. 

• Step 4: For the section, "Term of Refinanced Mortgage (years)," add how many years you have left (amortization), rather than the term. 

• Step 5: Add up total closing costs. This includes legal, appraisal, discharge, and penalty fees (to learn more about closing costs, visit: The Benefits of Refinancing Your Mortgage in Ontario)

• Step 6: Hit “Calculate” to see your results.

For a complete picture, consider consulting with a financial advisor who can factor in all variables and provide an in-depth financial analysis.