RenewalRate.ca
Payment-shock calculator

What your renewal will cost, in actual dollars per month.

Enter the mortgage balance, the rate currently on the contract, and a realistic new rate for signing later this year. The calculator returns the monthly dollar difference in real time. The math underneath is the Interest Act's semi-annual compounding formula, the same one Canadian lenders apply when they generate your amortisation schedule. Nothing gets sent to a server. Nothing gets saved.

Your mortgage
Numbers update as you type.
$
%
The rate on the mortgage that's now maturing.
yrs
Years left until the mortgage is fully paid off, not years left on the current term.
%
April 2026 typical 5-year fixed sits around 4.04–4.29%. Check a current rate comparison site for your exact options.
yrs
Most Canadians renew into a 5-year term. Shorter terms often have lower rates.
Your monthly change
+$497/mo
That's $5,964 more per year at the new rate. Over the 5-year term, a total of $29,820 more in payments.
Current monthly payment
$1,791.32
New monthly payment
$2,288.13
Annual difference
+$5,964
Difference over new term
+$29,820
That is a material increase on a household budget. Putting the file in front of three to five lenders before signing usually surfaces a better rate by 10 to 30 basis points, depending on file quality. On the balance you entered above, the difference over a five-year term is not rounding error.

That $497/mo increase is worth 15 minutes.

The existing lender will quote one rate. A licensed mortgage brokerage can put the same file against thirty or more lenders and compare the offers side by side. Homewise is an Ontario-based FSRA-licensed brokerage that runs this comparison through a short online application. The service is free to the borrower; the brokerage is paid by the lender on funded files.

Get renewal quotes from Homewise →

Affiliate link. RenewalRate.ca earns a commission if your mortgage funds through Homewise. This does not change the rate or fees offered to you, and our editorial coverage is not influenced by partner relationships. Homewise is an FSRA-licensed mortgage brokerage (licence #12984).

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Methodology

Canadian fixed-rate mortgages compound twice a year. Homeowners pay once a month. The calculator reconciles that mismatch the same way lenders do: it converts the posted annual rate to an effective monthly rate using ((1 + r/2)2/12) − 1, then runs a standard amortisation payment on the remaining years.

The resulting figure matches what a bank's own payment calculator produces for the same inputs. It does not include property taxes bundled into a combined payment, mortgage default insurance premiums on high-ratio balances, or lender-specific early renewal rules. For a binding number on a real file, a licensed broker or direct lender is the right stop.

Nothing entered here travels anywhere. The arithmetic runs in your browser. The inputs are not transmitted, logged, or saved.

Common questions

How accurate is this calculator?

The math follows the Interest Act's semi-annual compounding rule, which is what every Canadian chartered bank uses on fixed-rate amortisation schedules. Given clean inputs, the monthly figure matches the bank's to within a dollar. It does not fold in property taxes where those are bundled with the payment, condo fees, or default insurance premiums on high-ratio balances.

What's a realistic renewal rate in 2026?

As of April 2026, typical Canadian five-year fixed discounted rates sit in the 4.04 to 4.29 per cent range for strong credit profiles. Rates vary by lender, down payment, credit score, and amortization. Check a current rate comparison site or a mortgage broker for rates tailored to your situation.

Should I accept my existing lender's first renewal offer?

Rarely. Your existing lender's initial offer is almost never their best available rate. Shopping the offer across 3-5 lenders, including the 30+ that Canadian mortgage brokerages can access, typically surfaces a better rate. Switching at renewal costs less than most homeowners assume.

Does this calculator save or share my data?

No. All math happens in your browser. No inputs are sent to any server, saved in any database, or shared with any third party. Refresh the page and everything is gone.