Compare your lender's renewal offer with another lender's rate on monthly payment, switching costs and break-even time.
Use this calculator when you have your current lender's renewal offer and a written offer from another lender or a mortgage broker for the same term and rate type. Enter the balance you will owe at maturity, both rates, your remaining amortization and the costs you would pay yourself to switch: the old lender's discharge fee, any legal or notary fees and an appraisal that the new lender does not cover.
How it works. The calculator works out both monthly payments over the remaining amortization, subtracts them, and divides your switching costs by the monthly difference to show how many months it takes to recover them. The last figure multiplies the monthly difference over the whole amortization, which assumes both rates would last that long. They will not, so compare offers mainly on the break-even and on interest over the new term.
Worked example (illustrative). On $420,000 with 20 years left, a renewal offer of 4.49% against an outside offer of 4.19% gives a difference of about $67 a month here. With $750 of costs, you recover them in about 12 months, well inside a five-year term. Over five years the lower rate also saves about $5,900 of interest with semi-annual compounding.
Limits. The tool uses semi-annual compounding (standard for Canadian fixed rates) and ignores cash-back offers, prepayment privileges, penalty terms and collateral charges, which can matter more than a small rate gap. A switch also needs a full application with income documents. Defaults are illustrative.
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Compare a mortgage renewal offer with another lender's rate in Canada, including discharge, legal and appraisal costs, cash-back, break-even and interest over the term.
