Early Mortgage Renewal Calculator
Have you been thinking about whether you should break your mortgage early to obtain a lower rate? Compare how much interest you’ll have to pay between your current mortgage and a possible refinanced mortgage. Plus, get additional insights, such as monthly payment adjustments, using this calculator.
Please note:
This calculator is best for comparing the current interest rate on your mortgage with a refinanced interest rate.
This calculator can be used for renewal, switch, or refinance.
This calculator it doesn't account for additional changes, such as new amortization.
To use this calculator, input your mortgage details in the respective fields by following these steps:
Step 1: Identify your current mortgage balance and add in the first field.
Step 2: Add your current monthly payment. Include principal and interest, do not include property tax.
Step 3: Add your current annual interest rate, followed by the annual interest rate used for your refinance.
Step 4: For the section, "Term of Refinanced Mortgage (years)," add how many years you have left (amortization), rather than the term.
Step 5: Add up total closing costs. This includes legal, appraisal, discharge, and penalty fees (to learn more about closing costs, visit: The Benefits of Refinancing Your Mortgage in Ontario)
Step 6: Hit “Calculate” to see your results.
For a complete picture, consider consulting with a financial advisor who can factor in all variables and provide an in-depth financial analysis.