Mortgage Renewal Calculator
Calculate your new monthly payments when renewing your mortgage at current market rates.
Canadian Mortgage Paydown
Accelerate Your Financial Freedom
Property Details (PITH)
Property Details (PITH)
Prepayment Options
Prepayment Options
No lump sum payments added.
Select the exact date you plan to make your lump sum prepayment. The engine will accurately apply it to the closest payment cycle.
Use this tool to calculate your mortgage payments and see how prepayments can save you thousands in interest. Canadian specific: Fixed rates compound semi-annually.
Regular Payment (monthly)
Switch to Purchase mode for closing cost estimates.
Balance Over Time
Yearly Composition
Complete Schedule
| Year | Interest | Principal | Balance |
|---|---|---|---|
| 1 | $21,471 | $11,380 | $388,620 |
| 2 | $20,837 | $12,014 | $376,606 |
| 3 | $20,167 | $12,684 | $363,923 |
| 4 | $19,460 | $13,391 | $350,531 |
| 5 | $18,713 | $14,138 | $336,394 |
| 6 | $17,925 | $14,926 | $321,468 |
| 7 | $17,093 | $15,758 | $305,709 |
| 8 | $16,214 | $16,637 | $289,073 |
| 9 | $15,286 | $17,564 | $271,508 |
| 10 | $14,307 | $18,544 | $252,964 |
| 11 | $13,273 | $19,578 | $233,387 |
| 12 | $12,181 | $20,669 | $212,717 |
| 13 | $11,029 | $21,822 | $190,896 |
| 14 | $9,812 | $23,038 | $167,857 |
| 15 | $8,528 | $24,323 | $143,534 |
| 16 | $7,172 | $25,679 | $117,855 |
| 17 | $5,740 | $27,111 | $90,744 |
| 18 | $4,228 | $28,623 | $62,122 |
| 19 | $2,632 | $30,218 | $31,903 |
| 20 | $948 | $31,903 | $0 |
Disclaimer: This calculator is for informational purposes only. Actual mortgage rates, taxes, and fees may vary based on lender, credit score, and location. Land Transfer Tax estimates are based on current provincial and municipal rates but do not account for all possible exemptions or regional variations. Always consult with a mortgage professional or financial advisor before making real estate decisions.
Scenario Breakdown
If you are renewing or refinancing a remaining mortgage balance of $400,000 at a current interest rate of 5.5%, your new estimated payment will be $2,738 (monthly).
Since this is a renewal and not a new purchase, Land Transfer Tax (LTT) does not apply. Your primary costs will be the principal and interest payments, along with any potential legal or appraisal fees if you are switching lenders (typically $1,000 - $1,500).
Over the remaining 20 years of this mortgage, you can expect to pay a total of $257,016 in interest, assuming the rate remains constant.
Use the prepayments tab in the calculator above to see how adding small monthly increases or annual lump-sum payments can drastically cut down this interest and help you become debt-free faster.
Frequently Asked Questions
What will my payment be on renewal for a $400,000 balance?
If you are renewing a $400,000 balance at 5.5% with 20 years remaining, your estimated regular payment would be $2,738 per monthly.
How much interest will I pay on a $400,000 mortgage?
Over the life of the loan at 5.5%, you would pay approximately $257,016 in total interest. This brings the total cost of the mortgage to $657,016.
Does land transfer tax apply to mortgage renewals?
No, Land Transfer Tax (LTT) generally only applies when the title of a property changes hands (a purchase). For a standard mortgage renewal or refinance with the same owner, you do not need to pay LTT again.
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