Renewal payment calculator
Type the figures from your renewal statement. Results appear as you go.
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.
How the renewal payment is worked out
A fixed mortgage rate in Canada is stated with interest compounded half-yearly, the basis the Interest Act allows for a blended-payment mortgage. The calculator converts your yearly rate into a rate per payment period on that basis, then applies the standard formula for a loan repaid in equal payments over the amortization left.
The change per payment sets the payment at the renewal rate against your current payment on the same balance. The interest over the new term and the balance at its end follow the schedule payment by payment.
The amortization that keeps your current payment is solved from the same formula. If the payment at the renewal rate would not cover the interest, no such amortization exists, and the result says so.
OSFI's qualifying rate and the renewal statement rules come from the agency and regulation pages listed below, which we check for changes.
- Interest Act, R.S.C. 1985, c. I-15, s. 6 (laws-lois.justice.gc.ca, read October 19, 2026)
- Financial Consumer Protection Framework Regulations, SOR/2021-181, ss. 45-46 (laws-lois.justice.gc.ca, read October 19, 2026)
- FCAC: Renewing your mortgage (canada.ca, date modified 2025-10-15, read October 19, 2026)
- OSFI: Minimum qualifying rate for uninsured mortgages (osfi-bsif.gc.ca, date modified 2026-01-29, read October 19, 2026)
- OSFI: exemption of uninsured straight switches from the prescribed MQR (osfi-bsif.gc.ca, 2024-11-21, read October 19, 2026)
- Department of Finance Canada: mortgage reforms in force 2024-12-15 (canada.ca, read October 19, 2026)