How this calculator works

At renewal the lender typically offers a rate without re-underwriting. Because the balance is unchanged, the new payment follows directly from the new rate and the remaining amortization, using the same semi-annual compounding convention Canadian mortgages use.

The important practical point is that a renewal is a negotiation, not an automatic event. Shopping the renewal offer against other lenders costs nothing and often moves the rate. If you switch lenders, a straight switch that does not increase the balance and does not extend the amortization is generally exempt from re-qualifying under the mortgage stress test.

Assumptions and limits

This is an educational estimate produced entirely in your browser. It is not an offer of credit, an approval, or financial advice, and it does not use your real credit file. Lenders apply their own policy, pricing, and verification.