Renewal comparison
Compare payment shock across your current payment, lender retention offers, and market options.
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Interactive calculator
Renewal comparison
Quantify payment changes and term costs between your lender's offer and market alternatives.
Calculation notes
Methodology for the renewal comparison
Compare your current lender renewal offer against alternative rates from the open market — side by side with total cost over the new term.
See whether switching lenders at maturity saves enough to justify discharge, appraisal, and legal costs.
Model different term lengths and rate types to find the optimal combination of rate, certainty, and flexibility.
Use it 4-6 months before maturity to build negotiating leverage or confirm switching is the better decision.
Inputs to check
- Current balance and rate
- Renewal offer rate and term
- Alternative rate and fees
Assumptions
- All comparisons use Canadian semi-annual compounding and assume constant rates for the term.
- Switch costs are estimated ranges — confirm exact costs with the new lender and your lawyer.
- Cash-back and rate buy-down incentives from new lenders should be factored into total cost.
- Rate hold periods (90-120 days) should be factored into timing — lock the rate early.
How this calculator works
Compare your current lender renewal offer against alternative rates from the open market — side by side with total cost over the new term.
See whether switching lenders at maturity saves enough to justify discharge, appraisal, and legal costs.
Model different term lengths and rate types to find the optimal combination of rate, certainty, and flexibility.
Use it 4-6 months before maturity to build negotiating leverage or confirm switching is the better decision.
Inputs you will need
- Current balance and rate
- Renewal offer rate and term
- Alternative rate and fees
Assumptions and limitations
- All comparisons use Canadian semi-annual compounding and assume constant rates for the term.
- Switch costs are estimated ranges — confirm exact costs with the new lender and your lawyer.
- Cash-back and rate buy-down incentives from new lenders should be factored into total cost.
- Rate hold periods (90-120 days) should be factored into timing — lock the rate early.
Example scenarios
Renewal vs broker rate
Current lender: 5.25%. Broker: 4.65%. On $350K over 5 years, switching saves $123/month and $7,380 total — well worth the ~$1,500 in switch costs.
3-year vs 5-year decision
Current lender: 4.75% for 3 years. Competitor: 4.50% for 5 years. Lower rate plus longer rate certainty makes switching attractive — savings exceed costs within 14 months.
Switch costs eat the savings
Renewal: 5.00%. Alternative: 4.85%. On $250K, the 0.15% spread saves $26/month. At $1,500 switch cost, breakeven is 58 months — longer than the term. Renew with current lender.
Cash-back changes the math
Alternative lender: 4.80% with $2,500 cash-back. Current: 5.00%. On $300K, switching saves $42/month + $2,500 upfront. First-year benefit: $3,004 — switch pays off immediately.
Related tools
Turn this savings math into a refinancing decision
Use the break-even, penalty, or renewal output alongside the refinance and renewal playbooks so you compare timing, costs, and fallback options before you switch.
Guides
Read the Canada-specific playbook before you commit to the next step.
Execution
Use the broker workflow, rates pages, or secure dashboard to move from estimate to action.
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Frequently asked questions
When should I start comparing renewal options?
Start 4-6 months before maturity. Most lenders send renewal offers 3-4 months ahead. This gives time to collect competing offers, compare terms, and complete paperwork without rushing. Waiting until the month before limits options.
What costs are involved in switching at maturity?
No prepayment penalty at maturity, but switch costs apply: discharge fee ($75-$400), appraisal ($300-$600), legal/registration ($800-$1,200). Total typically $1,200-$2,200. Some lenders offer switch-cost coverage or cash-back to offset.
Can my current lender match a better rate?
Sometimes. Present a competing offer 4-6 weeks before maturity. Retention departments may improve the offer. However, many lenders have limited renewal rate discretion. A broker creates genuine competition by presenting to multiple lenders.
Will switching require a new stress test?
Generally yes. A straightforward switch at maturity with same amortization and balance may qualify for streamlined processing, but most lenders still verify income, credit, and property value. Increasing loan amount or changing amortization triggers full stress test.