Mortgage Renewal Calculator
Find out what your payment becomes at the rate you are offered, how sensitive it is to a quarter point either way, and what extending your amortization really costs.
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Payment after renewal
Monthly change
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Keeping vs extending the amortization at the renewal rate
How this calculator works
It computes the payment on your remaining balance over your remaining amortization at your current rate, then at the renewal rate. Canadian fixed-rate mortgages compound semi-annually, and the calculator does the same. The sensitivity table re-runs the payment at a range of rates around the one you entered, because a renewal offer is a starting point for negotiation.
The amortization comparison shows the trade-off lenders rarely spell out: a longer schedule lowers the payment and raises the total interest paid. Both numbers assume the renewal rate holds for the rest of the mortgage, which it will not; treat them as a like-for-like comparison, not a forecast.
For the decisions around the number, read Mortgage renewal in Canada: the 2026 checklist.
Frequently asked questions
How much will my mortgage payment go up at renewal?
It depends on your balance, your remaining amortization, and the gap between your old and new rates. A mortgage taken at 1.89% in 2021 and renewed at about 4.24% with 20 years left rises roughly 23%, whatever the balance. Enter your own numbers above.
Do I have to pass the stress test to renew?
Not to renew with your current lender. Since November 2024 OSFI also no longer requires the qualifying rate when you switch an uninsured mortgage to another federally regulated lender at renewal without increasing the amount or amortization. Insured mortgages were already exempt. If you borrow more or extend the amortization, expect to requalify at the greater of your rate plus 2% or 5.25%.
Should I extend my amortization to lower the payment?
It lowers the monthly payment but increases total interest, often by tens of thousands of dollars. The calculator shows both figures. Use it as a bridge if cash flow is tight, and use prepayment privileges to shorten the amortization again when you can.
Can I switch lenders at renewal without a penalty?
Yes. Switching at maturity does not trigger a prepayment penalty. You may pay discharge, registration or assignment, appraisal and administration fees, and the new lender will approve your application on its own criteria.
Rates and rules used by this calculator
Last verified against the sources below on .
- Bank of Canada — policy rate held at 2.25% (September 2, 2026)
- Ratehub — best 5-year fixed and variable mortgage rates (observed September 17, 2026) Advertised broker rates; your rate depends on lender, insured status, and credit.
- OSFI — Minimum qualifying rate for uninsured mortgages (greater of contract + 2% or 5.25%) OSFI no longer requires the qualifying rate for uninsured straight switches between federally regulated lenders at renewal (since 2024-11-21).
Disclaimer
Estimates only. Your lender's payment may differ slightly because of payment frequency, rounding, and the exact compounding in your contract. This is not mortgage or financial advice.