No stress test if staying · 5-year savings · qualification check · free
Mortgage Renewal Calculator — Stay or Switch?
Your lender's first renewal offer is rarely their best. Compare it to competing rates — a 0.5% difference on a $400,000 mortgage saves $6,000+ over 5 years. Since November 2024, you don't need to pass the stress test if you stay with your current lender.
Educational calculators — always consult a licensed professional before making financial decisions.
The outstanding principal you need to renew. Check your most recent mortgage statement.
Lenders often mail a renewal offer 3–6 months before expiry. This is almost always negotiable — you don't have to accept the first offer.
Check brokers and monolines like First National or MCAP — they often beat big banks. If you switch lenders, you must pass the stress test at this rate + 2% (or 5.25%, whichever is greater).
This is the total remaining years you have to pay off your mortgage, not just the current term.
Used to check if you would qualify for the stress test if you switch lenders. If staying with your current lender, no stress test is required.
Monthly savings if you switch
$103
Switching to 4.79% beats staying
5-Year Interest Comparison
Stress Test (If Switching)
Your Saved Scenarios
No saved scenarios yet
What you'll need
- ·Mortgage balance at renewal
- ·Rate your lender is offering
- ·Best competing rate you've found
- ·Remaining amortization years
- ·Household gross income (for stress test check)
What you'll get
- ✓Monthly savings — Staying vs. switching lenders
- ✓5-year interest savings — Total difference over the term
- ✓Stress test check — Whether you'd qualify to switch
How it works
Enter your renewal balance and rates
Your current mortgage balance, what your lender is offering, and the best competing rate you've found. Even a 0.5% difference matters significantly over 5 years.
Enter your income and remaining amortization
We check whether you qualify under the OSFI stress test if you switch lenders (rate + 2% or 5.25%, whichever is higher). No stress test applies if you stay.
See your 5-year savings from switching
You'll see monthly savings, total 5-year interest savings, and a clear recommendation on whether switching lenders is worth the effort.
Stay vs. Switch: $450,000 Mortgage, 5.99% vs 5.49%
| Metric | Stay (5.99%) | Switch (5.49%) | Savings |
|---|---|---|---|
| Monthly payment | $2,891 | $2,782 | $109/mo |
| 5-year interest | $124,300 | $113,800 | $10,500 |
| Legal costs to switch | — | ~$1,200 | — |
| Net 5-year savings | — | — | ~$9,300 |
Based on 25-year amortization. Legal fees vary $800–$1,500. Rate-hold available up to 120 days at most lenders.
Authoritative resources
Frequently asked questions
Do I have to pass the stress test when renewing my mortgage in Canada?+
No — since November 2024, you no longer need to pass the stress test when renewing with your existing lender (even if switching to a new product). However, if you switch to a different lender at renewal, the stress test still applies at the greater of your new rate + 2% or 5.25%.
Should I switch lenders at mortgage renewal?+
It depends on the rate difference and whether you qualify under the stress test. A 0.5% lower rate on a $400,000 mortgage saves roughly $100/month and $6,000 over a 5-year term — often worth the effort and legal fees (~$1,000–$1,500) to switch. Get quotes from at least 3 lenders before accepting your renewal letter.
When should I start shopping for mortgage renewal rates?+
Start 4–6 months before your renewal date. Most lenders will hold a rate for 90–120 days. Early shopping gives you time to negotiate with your current lender using competing offers.
Can I change my amortization at renewal?+
Yes, you can extend or shorten your remaining amortization at renewal, subject to lender approval. Extending reduces your monthly payment but increases total interest. Shortening builds equity faster.
Don't sign your renewal letter without running the numbers first.
Back to the calculator ↑Mortgage Renewal Calculator Canada is built and maintained by the RealCostIQ editorial team. Cost ranges and rates are checked against published industry data and contractor quotes, and revised when the underlying figures move. Read our data methodology or more about who builds this. Every calculation runs in your browser — no account, and none of your inputs are stored.
Cost ranges and rates here are checked against contractor quotes and published industry data. If a number still looks off, email Support@RealCostIQ.com and we'll review and fix it.