Mortgage Renewal Calculator
Compare your bank's renewal offer against broker rates. See exactly how much you could save by shopping around before you renew.
Start Early
Shop 120 days before renewal
No Penalties
Switching at renewal is free
Thousands in Savings
Even 0.25% saves big
Your Renewal Details
Rate Comparison
The rate your bank offered in your renewal letter
Current best rate from mortgage brokers
Your Savings
Rate Difference
0.61%
Bank Payment
$2,181
Broker Payment
$2,048
Total Interest Over Term
At Bank Rate
$87,849
At Broker Rate
$79,869
*No obligation. Switching at renewal is typically free.
Don't Just Sign and Return Your Renewal Letter!
Banks often send renewal offers at posted rates or slight discounts. But these are rarely their best rates. By shopping around or negotiating, most Canadians can save thousands over their mortgage term.
Why You Should Compare Before Renewing
Save Thousands
Even a 0.25% rate difference on a $400K mortgage saves over $3,500 over a 5-year term.
No Penalty to Switch
At renewal, you can switch lenders without any prepayment penalties. It's free to shop around.
Easy Process
Switching at renewal is straightforward. The new lender handles most of the paperwork.
Lock in Rates Early
Start shopping 120 days before renewal. Most lenders will hold your rate for 120+ days.
Frequently Asked Questions
Ready to Save on Your Renewal?
Get a free quote and see how much you could save. No obligation, no pressure.
Get Your Renewal Quote