HOUSING / NORTHSCOPE MONEY TOOLS
See what renewal could cost.
See what a new rate could mean for your monthly payment—and the interest you pay over the next term.
Choose your details and select Calculate to see the result.
How to compare a mortgage renewal
Start with the balance expected on your renewal date, rather than the amount you originally borrowed. Enter the years left on your repayment schedule and the rate you have been offered. Keeping the amortization unchanged makes it easier to see the effect of the rate itself.
The current-rate column shows what that same balance would cost at your existing rate. Your actual payment may differ if you have made prepayments or changed your schedule. Fees are paid upfront in this model; they are not added to the mortgage.
A smaller payment can still cost more
Extending the amortization spreads repayment over more years. Compare both the payment and the balance remaining at the end of the term. The interest-and-fees figure measures borrowing cost; principal repayments build equity and are shown separately.
This estimate uses monthly payments and Canadian semi-annual compounding. It holds each entered rate constant for the comparison term. Renewal offers, qualification rules, penalties and lender terms require a separate check.
Before accepting an offer
Compare prepayment privileges, penalties, portability, legal or appraisal costs, and the total cost of switching. A lower rate is only one part of an offer. See the Financial Consumer Agency of Canada’s renewal checklist.
Common questions
Does this predict my next mortgage rate?
No. Enter an actual offer or a rate you want to test. The result is a scenario, not a forecast or lender quote.
Can I compare a longer amortization?
Yes. Change the new amortization and compare the end-of-term balance as well as the monthly payment. Your lender must confirm whether the change is available and how it affects qualification.