Over 2.2 million Canadian mortgages renew in 2025–2026 — many locked in at rates below 2.5% and now renewing at 4%+. This calculator shows you the exact monthly payment increase when your renewal hits, so you can budget and negotiate from a position of knowledge.
Over 2.2 million Canadians renew in 2025–2026. Enter your renewal date to count down, then see exactly how your payment changes.
Enter your mortgage renewal date (optional — the countdown is a nice-to-have), your current balance, your current rate (the one that's expiring), and the new rate you expect at renewal. Select your remaining amortization and your new term length.
If you haven't received a renewal offer yet, use the current best rate from the rates page as a conservative estimate.
The New Monthly Payment is what you'll pay starting on renewal day. The Monthly Change shows the exact dollar increase (or decrease) versus your current payment. Multiply this by 12 to see your Annual Extra Cost — a number that often motivates Canadians to start shopping early.
The advice box at the bottom gives context: if your payment is jumping significantly, it will suggest strategies like extending your amortization to lower the payment, making a lump sum to reduce the balance before renewal, or shopping competing lenders.
The most important insight this calculator provides is the total extra cost over the new term — the cumulative difference between staying at your old rate and renewing at the new one. This number makes clear why it's worth spending time shopping renewal rates rather than simply signing the first offer your lender sends. A 0.25% rate difference on a $400,000 mortgage saves approximately $1,000 per year — real money for an hour of research.
Start 4–6 months before your renewal date. Most lenders allow you to lock in a rate 120 days early. This gives you time to compare offers from multiple lenders without rushing.
Almost never accept the first offer. Lenders count on inertia — they typically offer existing clients rates above what they'll offer new clients. Get competing quotes from a broker before negotiating.
Yes, and it's usually free. Most lenders cover legal and appraisal costs to win your business at renewal. Switching is one of the best times to get a better rate.
If you don't renew before the maturity date, most lenders automatically move you to an open mortgage at a much higher rate (often prime + 1% or more). Always confirm and sign before your maturity date.
Explore current rates from 16+ Canadian lenders, or read our guides to understand your options.