Mortgage renewal calculator
If you signed when rates were at their lowest, your renewal will probably come with a higher payment. This shows how much higher, and what a lump sum, keeping your payment, or a different payment schedule would each change. Nothing you enter leaves your browser, and there is no sign-up.
Your renewal
What you could change
Estimate · your payment at renewal
$2,252 a month becomes $2,834
That is $583 more each month, up 26%, if nothing else changes. Both figures are monthly payments on the same balance and amortization, so the difference is the rate alone.
| Side by side | What you pay now | Renew and change nothing | With your changes · none yet |
|---|---|---|---|
| Payment | $2,252 a month | $2,834 a month | $2,834 a month |
| Per month, on average | $2,252 | $2,834 | $2,834 |
| of which interest | $632 | $1,531 | $1,531 |
| of which principal | $1,619 | $1,303 | $1,303 |
| Paid per year | $27,018 | $34,013 | $34,013 |
| Interest over the 5-year term | $37,934 | $91,862 | $91,862 |
| Principal paid over the term | $97,159 | $78,205 | $78,205 |
| Balance when the term ends | $352,841 | $371,795 | $371,795 |
| Interest over the life of the mortgage | $90,370 | $230,267 | $230,267 |
| Paid off in | 20.0 years | 20.0 years | 20.0 years |
“What you pay now” is your current rate carried forward on today’s balance, as a yardstick; it is not an option at renewal. Per-month figures are averages across the 5-year term, so different payment schedules compare fairly.
Where each month’s payment goes
Bars are drawn to the same scale, using the average month across the 5-year term.
Estimates based on the information entered, using the Canadian semi-annual compounding standard. Life-of-mortgage figures assume the new rate holds throughout, which it will not; the term figures are the dependable ones. Your lender’s numbers will differ.
For informational purposes only — consult a licensed mortgage professional before deciding.
How the estimate works
The payment change
Both payments are worked out on the same balance and the same remaining amortization, one at your old rate and one at the new. That isolates the effect of the rate, which is the part of a renewal you cannot choose. Interest compounds semi-annually, as it does on Canadian fixed-rate mortgages.
The lump sum
A lump sum reduces the balance on day one. What happens next is a choice. If the payment is recalculated on the smaller balance, your monthly cost falls and the mortgage still ends when it was going to. If you keep the full payment, every extra dollar goes to principal and the mortgage ends years earlier.
The payment schedule
Plain weekly or biweekly payments move the same money in smaller pieces and change very little. Accelerated schedules divide the monthly payment by four or two, which comes to thirteen monthly payments a year instead of twelve. We compared all of them in Weekly, biweekly or monthly.
What to read with care
Figures over the new term are dependable. Figures over the life of the mortgage assume the new rate never changes, which it will at the next renewal, so treat them as a way to compare options rather than as a forecast. For a worked example, see A renewal, a lump sum, and the January question.
Common questions
- How much will my mortgage payment go up at renewal?
- It depends on three things: the balance you still owe, the amortization you have left, and the gap between your old rate and the new one. As a rough guide, on a 20-year remaining amortization each percentage point adds about $50 a month per $100,000 owing. A mortgage of $450,000 moving from 1.89% to 4.49% goes from roughly $2,250 to $2,830 a month. The calculator works out your own figure from your numbers.
- Can I make a lump-sum payment when my mortgage renews?
- Yes. At renewal the term has ended, so most lenders let you pay down any amount without a penalty. During a term, most Canadian mortgages allow a lump sum of 10% to 20% of the original amount each year. The allowance is set out in the prepayment section of your contract, and some lenders count it by calendar year while others count from the anniversary date.
- After a lump sum, should I keep my payment the same or let it drop?
- They do different jobs. Letting the payment drop protects your monthly budget, and a large enough lump sum can bring the new payment back to what you were paying before the rate went up. Keeping the full payment leaves the budget tighter but shortens the mortgage and saves considerably more interest over its life. The calculator shows both so you can see the size of the difference for your own numbers.
- Do weekly or biweekly payments save money?
- Paying more often on its own saves very little, usually a few hundred dollars over the life of a mortgage. Accelerated weekly or biweekly payments save much more, because they take the monthly payment and divide it by four or two, which adds up to one extra monthly payment every year. The saving comes from paying more, not from paying more often.
- Do I have to renew with my current lender?
- No. At renewal you can move to another lender without a prepayment penalty, though there may be discharge, legal or appraisal costs, and a new lender will assess your application. Your current lender's renewal letter is an offer rather than a final word, and many people find the first offer is not the best rate available to them. A broker can tell you what other lenders would offer for your situation.
- Is anything I enter stored or shared?
- No. The calculator runs entirely in your browser and nothing you type is sent to us.
Last reviewed 20 September 2026. Thinking about leaving your mortgage before the term ends instead? That is a different question, and the break penalty calculator handles it.