For homeowners

    Mortgage Renewal Calculator

    Compare your current mortgage payment to the new payment at your renewal rate. See exactly how much more or less you will pay each month and each year, so you can shop the renewal with real numbers.

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    Enter your balance to compare renewal payments.

    Estimate only. Uses Canadian semi-annual compounding for fixed rates and keeps your remaining amortization unchanged at renewal. Excludes any prepayments, fees, or switch costs. Shop your renewal — you are not obligated to accept your lender's first offer. Confirm with your lender or broker.

    Why renewal is the moment to shop

    When your term ends, the remaining balance renews at a new rate. Many borrowers simply sign the lender's offer — but that offer is often higher than the rate the same lender would give a new client or a borrower switching in. Running the new payment at a few different rates shows you the dollar value of negotiating, and it is usually larger than people expect.

    The renewal shock after years of low rates

    Borrowers who locked in at very low rates and are renewing into a higher-rate environment can see their payment jump substantially. Seeing the increase ahead of time lets you plan — by budgeting for it, shopping harder, or considering a longer amortization to soften the blow.

    Keep your mortgage history in one place

    Your rate, your renewal dates, and your balance are facts worth keeping where you can find them. A durable record of your home and its financing is the cheapest insurance a homeowner has, and it is what Habyn property records are built to keep, free for homeowners on the Home plan.

    Frequently asked questions

    What happens when my mortgage renews?

    At the end of your term, you renew the remaining balance at a new rate for a new term. Your remaining amortization stays the same unless you change it. If rates rose since you signed, your payment goes up; if they fell, it goes down.

    Should I accept my lender's renewal offer?

    Not automatically. Lenders often send a renewal at a rate higher than what they would offer a new client or a switching borrower. Shopping the rate, or switching lenders, can save thousands over the term. This calculator shows the payment at any rate you enter.

    Can I change my amortization at renewal?

    Often yes, within limits. Extending the remaining amortization lowers your payment but increases total interest; shortening it does the opposite. Renewal is a natural point to adjust if your budget or goals have changed.

    Is there a penalty to switch lenders at renewal?

    Switching at the renewal date itself avoids the prepayment penalty, since your term has ended. There may be small discharge or transfer fees, which a new lender sometimes covers. Breaking before renewal triggers a penalty — use the mortgage penalty calculator for that case.

    See all free Habyn tools.