Our renewal calculator makes it easy to calculate your mortgage payments for your next mortgage term. See how your new renewal mortgage rate will impact your mortgage payment.
A mortgage renewal can present a good opportunity to get a better mortgage interest rate. Some of the key factors to consider when at renewal include the interest rate type (fixed vs. variable) the term length, amortization period as well as other fees and penalties associated with renewing or switching lenders.
When your current mortgage term comes to an end you have the option to renew your mortgage with your current lender. The other alternative is to refinance with a completely new lender. It is important to understand the difference between the two options to ensure you choose the best option for your financial situation.
Mortgage renewal calculator
This mortgage renewal calculator takes the following inputs to help you calculate your updated mortgage payments.
- Current Mortgage Balance: This is the principal on the loan that needs to be paid back at the end of your current term.
- New Mortgage Rate: Updated rate that you will have for your next mortgage term
- Amortization Period: The remaining length of time on your mortgage
You will then be provided with a breakdown showing the new estimated payment amount. As well as the principal and interest to be paid over the new term in addition to the amortization period left. A amortization schedule will also help you to understand how the interest and principal portion of each payment will change over the term.
Ontario renewal calculator
This mortgage renewal calculator can help you see the impact of your mortgage payment in Ontario. See how your mortgage payments will change with total interest paid as well as an amortization schedule.