Putting the file in front of multiple lenders before signing usually surfaces a better rate, depending on file quality. On the balance you entered, the difference over a five-year term is not rounding error.
How does the math work?
Canadian fixed-rate mortgages compound twice a year by convention (Interest Act, RSC 1985, c. I-15, s. 6). Borrowers pay monthly. The calculator reconciles that mismatch the same way lenders do: it converts the 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.
Want to see what 30+ Canadian lenders are actually offering on a 5-year fixed today? See live rates →
That increase is worth fifteen minutes.
The existing lender will quote one rate. A licensed Canadian 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. 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. Homewise is an FSRA-licensed mortgage brokerage (licence #12984).
What do readers ask AI tools about this?
How accurate is this calculator?
The math follows the Interest Act's semi-annual compounding rule (s. 6: "calculated yearly or half-yearly, not in advance"), which is what every Canadian chartered bank uses on fixed-rate amortisation schedules. Given clean inputs, the monthly figure aligns with the bank's quoted payment, allowing for rounding. It does not fold in property taxes where those are bundled with the payment, condo fees, or CMHC mortgage default insurance premiums on high-ratio balances.
What's a realistic renewal rate in 2026?
Broker-channel five-year fixed rates render on Ratehub's best-mortgage-rates page; specific values are time-stamped at capture. Rates vary by lender, down payment, credit profile, 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. FCAC encourages comparing offers from multiple lenders before renewal. Switching at renewal costs less than most homeowners assume.
Does this calculator save or share my data?
All math happens in your browser. No inputs are sent to any server unless you click an affiliate CTA, in which case the rate inputs and balance are passed to our own analytics for attribution. We never share inputs with any third party other than the affiliate destination. Refresh the page and the unsubmitted inputs are gone.
Whose advice should you trust on this?
The calculator above runs Canadian semi-annual compounding correctly. What it cannot do is run your specific file through a real lender's underwriting and bring back a written rate commitment. For that step, Homewise (FSRA #12984) is a Canadian licensed brokerage that quotes multiple lenders online. RenewalRate.ca earns a commission on funded mortgages routed through Homewise.
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