For a fixed-rate mortgage term coming up for renewal in Canada
What will your payment be after renewal?
Copy the balance, the offered rate and the term from your renewal statement, then add your current rate or payment and the amortization left. You see the change per payment, the interest over the new term and the balance when it ends.
Calculate for free- No account needed
- No credit check
- No lender contact
This is a calculation tool, not a lender or a mortgage broker. It never tells you which offer to take.
For a variable rate we show no payment. The payment would depend on how and when your lender compounds and adjusts the rate, which is set in your contract.
A lower payment is not the same as a total saving.
Includes switching costs of about .
Same balance and amortization left, interest compounded half-yearly, not in advance.
The payment you entered, or one worked out from your current rate on the same balance and amortization.
If the renewal rate were different
The steps are half a percentage point and one percentage point either way around the rate you entered. They are scenarios, not forecasts.
How long repaying the balance would take at the renewal rate if the payment stayed as it is now. Whether a lender allows that is up to the lender.
At this rate your current payment would not cover the interest, so the balance would not go down. No amortization keeps the payment unchanged.
A longer amortization lowers the payment and raises the total interest. Your lender decides whether it can be extended, and on an insured mortgage it can affect the insurance.
The other rate you entered
Interest over the term at the renewal rate minus interest at the other rate, minus the moving costs you entered. The difference in the closing balance is shown separately.
Enter the moving costs to see how many payments the difference takes to cover them.
A hypothetical scenario built on your own assumptions, not an offer. Any lender would assess an application first.
Qualifying rate at renewal
Since November 21, 2024, OSFI does not expect lenders to apply its minimum qualifying rate when an uninsured mortgage moves at renewal to another federally regulated lender with no increase in the loan amount or amortization. If the amount or amortization goes up, OSFI's rate is the greater of the contract rate plus 2 percentage points or 5.25%.
Basis: the figures you entered and interest compounded half-yearly, not in advance. The rate and costs you can actually get may differ.
This calculation is not a loan offer or a personal recommendation about renewing or moving your mortgage.
For illustration only. Not a mortgage offer or a commitment to lend. Cindrus is not a lender or a mortgage brokerage, does not deal in mortgages and passes no information to lenders or brokers.
- The rate stays fixed for the whole new term.
- Interest is compounded half-yearly, not in advance. Check the basis stated in your mortgage.
- Payments are made in full and on time at the frequency you chose, with no prepayments.
- Accelerated payments are derived from the monthly payment, as described under the frequency field.
- Another rate you enter keeps the same balance and amortization.
Your next step.
Take the result with you.
Free. No account.
- Write down the figures you used: you find them under «Understand the number».
- Ask what it costs in total, not only what the payment will be.
- Ask whether the rate is fixed and what can change it.
- Ask for the offer in writing, so you can compare it calmly.
- Ask what is not included in the figure.
Ready to talk to the bank?
Your figures and the right questions, on one page.
- Costs and rate
- Fees and remaining balance
- The assumptions behind the figure
Follow your loan.
Your loan and your calculations, in one place.
- Your calculations saved in one place
- Your financial overview
The account is free.
The calculator is free without an account. Not personal advice.
Your bank conversation
Ask the bank about these six things.
Based on your calculation. Not personal advice.
Three steps with your renewal letter
Take out the statement
It lists the balance at renewal, the offered rate, the term and any charges.
Add your current rate
Then the calculator can set the payment you make now against the one after renewal.
Add another quote if you have one
Type in a different rate and the costs of moving, and you see that alternative as a separate scenario.
What a federally regulated lender has to send you
Federal regulations set what the renewal statement contains and when it arrives, if your mortgage is with a federally regulated institution such as a bank.
At least 21 days ahead
The statement must reach you at least 21 days before the renewal date. A lender that will not renew must tell you at least 21 days before the term ends.
No increase in the meantime
The statement has to say that nothing raising the cost of borrowing will change between the statement and the renewal date.
Your rights continue
Your rights under the agreement continue, and the renewal takes effect no sooner than 21 days after you receive the statement or the stated renewal date, whichever is later.
Why a renewal changes your payment
A Canadian mortgage runs in terms. FCAC explains that at the end of each term you renew unless you pay the balance in full, and that most people need several terms to repay a mortgage. The amortization keeps running across terms; the rate is set again each time.
With the same balance and the same amortization left, the payment moves with the rate. The calculator shows that move, the interest you would pay during the new term and what you would still owe at its end.
People also search for
Mortgage renewal calculator · renewal payment Canada · renewing a fixed-rate mortgage · mortgage renewal statement.
Numbers first, no product to push
When it suits you
There is nobody to book. Check the renewal figures on a Sunday evening if that is when the letter gets opened.
No commission
Cindrus has no agreements with lenders or brokers, so we gain nothing from the rate you pick.
Shown openly
The compounding assumption and every other premise appear next to the result.
What you can count on
- Your data is not for sale.
- Fees and assumptions are shown, not tucked away.
- Any figure we display can be traced.
- There are no countdowns or false urgency here.
- Export or erase your data when you choose.
Do I have to renew with the same lender?
No. FCAC explains that you can move your mortgage to another lender at the end of the term. The new lender has to approve your application, and fees can apply.
Can my mortgage renew automatically?
It can. FCAC says the renewal may be automatic if you take no action, and that the renewal statement will say so if your lender plans it.
Why does the calculator compound interest half-yearly?
A fixed mortgage rate in Canada is normally stated that way, and the Interest Act requires the rate to be shown calculated yearly or half-yearly, not in advance. A variable-rate payment depends on terms we cannot see, so for a variable term no payment is shown.
Will I face a stress test again at renewal?
Not if the loan amount and amortization stay the same and the mortgage moves between federally regulated lenders, according to OSFI for uninsured mortgages and Finance Canada for insured ones. A lender still assesses any application.
Is the result advice or an offer?
Neither. It is arithmetic on the figures you entered. Your renewal statement is the offer, and choosing a rate or a lender is up to you.
Checking a renewal is free.
With a free account you can hold your mortgage, assets and debts together. The pricing page lists the plans and where each feature runs today.
Plans and prices →Check your renewal numbers.
Using the calculator costs nothing. A free account, which needs no card, keeps your mortgage beside your assets and other debts.