Mortgage Renewal Savings Calculator
Compare a bank renewal rate against a lower comparison rate and estimate possible savings.
Before you use this tool
What it estimates
Compare a bank renewal rate against a lower comparison rate and estimate possible savings.
Who it is for
Renewing homeowners deciding whether to accept, negotiate, or compare a lender offer.
Numbers you need
Mortgage balance, bank renewal rate, comparison rate, term length, and remaining amortization.
What the result means
The tool estimates payment differences and term-savings scenarios from the rates entered.
Next step
Use the estimate to decide whether your bank renewal deserves a closer comparison.
Compare my renewalBank payment
$2,987
Comparison payment
$2,861
Monthly savings
$127
Interest savings over term
$10,730
Frequently asked questions
How are mortgage renewal savings calculated?
Renewal savings are estimated by comparing payments and interest over the selected term using your balance, remaining amortization, and two fixed-rate scenarios. Canadian fixed-rate payments use semi-annual compounding in this calculator. Results are estimates only; actual lender figures may differ because of payment dates, fees, privileges, and product terms. The bank renewal offer analyzer can help review one offer in more detail.
Does a lower mortgage rate always mean I will save money?
Not necessarily. A lower rate will typically reduce the estimated payment and interest when the balance, term, amortization, and payment schedule stay the same, but switching fees, discharge costs, penalties, cashback repayment, or different mortgage features may change the result. Savings depend on lender criteria and final terms, so compare the complete offer rather than relying only on the rate.
When should I start comparing mortgage renewal options?
Many borrowers start reviewing options several months before maturity so there is time to gather documents and compare terms. The best timing depends on the lender, any early-renewal offer, rate-hold availability, and whether a switch requires a new qualification review. The renewal countdown calendar provides an estimated preparation timeline, but important dates should be confirmed with the current and prospective lenders.
What should I compare besides monthly payment at renewal?
Compare estimated term interest, prepayment privileges, portability, penalty wording, fees, amortization, payment frequency, and restrictions on switching or refinancing. These features may matter more than a small rate difference depending on your plans. The fixed-versus-variable scenario tool can illustrate payment structures without predicting rates; confirm all contract terms directly with the lender before signing.