Try a different rate
Move around your entered 4.29% rate.
Free · private · made for Canada
Mortgage Renewal Calculator — know your new payment before the bank does.
The real number, computed the way Canadian fixed mortgages actually compound. Free, private — nothing you type leaves your browser.
Example scenario
Today$2,020.09Monthly
Renewal estimate$2,477.40Monthly+$457.31/mo
+22.64%. That's +$5,487.72 per year at the plain renewal estimate.
A 1.99% five-year fixed. Enjoy it to the last day.
Educational estimate, not financial or mortgage advice. Confirm figures with your lender or a licensed mortgage professional.
You have 8 months. Preparation beats hoping.
Scenario mode
See what changes the payment
Test a different rate, a longer amortization, or a prepayment.
Extend amortization
Add five years, capped at 30 years.
Prepay before renewal
Used only to check the 20% privilege flag.
Your renewal timeline
Use the date, not the letter
Rate-hold window opens
Ask lenders about a rate hold. Typical windows are 90–120 days.
Shop and negotiate
Compare the renewal offer, ask for a better rate, and price a straight switch.
Renewal statement due
Your lender must send renewal terms by 2027-02-08 (federal rule, 21 days).
Renewal date
Confirm the rate, payment, amortization, privileges, and effective date in writing.
My renewal plan
Take the number into the room
Renewal dateMar 1, 2027
Planned payment$2,477.40Monthly
Scenario rate4.29%
Monthly difference$457.31
Chosen scenario: Baseline renewal estimate
Negotiation checklist
- Collect your current mortgage statement and contract.
- Ask your lender for its best renewal rate before accepting the letter.
- Compare at least one eligible straight-switch offer.
- Confirm payment frequency, prepayment privileges, and penalty language.
- Get the final rate, payment, and effective date in writing.
Sources: Financial Consumer Protection Framework Regulations, SOR/2021-181 s.45(2); OSFI MQR guidance, January 2026; calculation methodology at renewalready.ca/methodology.
Educational estimate, not financial or mortgage advice. Confirm figures with your lender or a licensed mortgage professional.
Straight answers
Mortgage renewal FAQ
Do I have to re-qualify at renewal?
No when you renew with your current lender. Eligible straight switches to another federally regulated lender have also been exempt from the stress test since November 21, 2024, provided the balance and remaining amortization do not increase.
What is the stress test rate now?
The minimum qualifying rate is the greater of your contract rate plus 2 percentage points or 5.25%. OSFI reaffirmed the rule in January 2026. It applies to newly underwritten mortgages and refinances, not ordinary same-lender renewals or eligible straight switches.
Why is my payment jumping so much?
Your remaining balance is being repaid at a new rate over the amortization left. Even a few percentage points can materially change that payment. The Bank of Canada estimated pandemic-cohort renewers would see about a 15% average increase, and about 26% of outstanding mortgages would renew in the 12 months from May 2026.
What is the difference between accelerated and regular bi-weekly?
Accelerated bi-weekly is half the monthly payment, paid 26 times a year, so you make the equivalent of one extra monthly payment annually. Regular bi-weekly is a separately timed schedule and does not create that same acceleration. Lender conventions vary for regular schedules.
Can I make a lump-sum prepayment before renewal?
Often, yes. Annual prepayment privileges commonly allow 10–20% of the original principal, but the exact limit and timing are set by your mortgage contract. Check before sending the payment so you avoid a penalty.
Is my data stored?
No. Every calculation runs in your browser. RenewalReady does not transmit or store your balance, rates, dates, or scenarios.
How this earns trust
Checkable by design
- RenewalReady computes fixed-rate payments with semi-annual compounding, not in advance, and publishes the conversion with a worked example. Formula and worked example
- All calculations run in your browser; balances and dates are never transmitted or stored. Privacy methodology
- Scenario mode models rate changes, amortization extension, and pre-renewal lump-sum prepayment side by side. Calculation methodology
- The timeline uses the documented 21-day renewal-statement rule and the typical 90–120-day rate-hold window. SOR/2021-181 s.45(2)
- Payment math is unit-tested against worked examples published to the cent. Ten published golden cases
- RenewalReady is built for the 2026–27 renewal wave documented in the Bank of Canada Financial Stability Report 2026. Bank of Canada FSR 2026
Educational estimate, not financial or mortgage advice. Confirm figures with your lender or a licensed mortgage professional.