Renewal Calculator
Your mortgage renewal is an opportunity to save. Compare your current rate against new options to see how much you could save — or budget for — over your next term.
Your New Monthly Payment
$2,834.44
per month
Interest Comparison Over Term
This calculator provides estimates for informational purposes only and does not constitute financial advice. Actual renewal rates and terms vary by lender. Consult a mortgage professional for personalized guidance.
Disclaimer: The estimates and calculations shown above are for illustrative purposes only and should not be relied upon as financial advice. Actual mortgage rates, terms, and eligibility depend on your personal financial situation, credit history, and current market conditions. Please consult a licensed mortgage broker, financial advisor, or your bank to determine your actual affordability and costs before making any purchasing decisions.
Navigating Your Mortgage Renewal
Your renewal is one of the best chances to improve your mortgage terms. Here is what you need to know to make the most of it.
When to Start Your Renewal
Timing is everything when it comes to mortgage renewals. Starting early gives you the best negotiating position:
- Start shopping around 120 days (4 months) before your maturity date
- Most lenders allow you to lock in a rate early without penalty
- Waiting until the last minute limits your options and leverage
Renewal vs Refinance
Understanding the difference can save you thousands of dollars over the life of your mortgage:
- Renewal keeps your existing mortgage terms and simply sets a new rate and term
- Refinancing replaces your mortgage entirely — you can change lenders, access equity, or consolidate debt
- Refinancing may involve appraisal fees, legal costs, and potentially a new stress test
Negotiation Tips
Your current lender's renewal offer is rarely their best rate. Here's how to get a better deal:
- Never just sign and return the renewal letter — treat it as a starting point
- Get quotes from at least 2-3 competing lenders to use as leverage
- Consider using a mortgage broker — they can access rates from dozens of lenders at no cost to you
Not sure whether to renew or refinance?
Our team can connect you with trusted mortgage professionals who will help you evaluate your options and negotiate the best rate for your situation.
Ready to Find Your Dream Home?
Get in touch today for a free consultation. No obligation, no pressure — just honest, expert guidance.