Mortgage renewal planning
Mortgage renewal comparison
Compare equivalent payments, interest and remaining balance at your current rate and a proposed renewal rate.
01
Mortgage at renewal
Use the expected balance and remaining amortization on your renewal date.
02
Compare rates
Compare equivalent payments over the same remaining amortization.
Estimated monthly payment change
+$304
$3,041 to $3,344 per month
Current-rate payment$3,041/mo
Proposed-rate payment$3,344/mo
Interest at current rate (5y)$77,615
Interest at proposed rate (5y)$105,186
Balance at current rate$435,172
Balance at proposed rate$444,517
This compares rate scenarios, not lender offers. Renewal features, compounding, fees, amortization changes, qualification, portability and prepayment privileges can be as important as the advertised rate.
Read the result carefully
The lowest renewal rate is not automatically the best mortgage.
- Compare prepayment privileges, portability, penalties and restrictions alongside the rate.
- Changing the amortization can lower the payment while increasing total interest.
- Start reviewing options before the lender's renewal deadline so there is time to qualify elsewhere if useful.