Renewal decision tool

Renewing? Compare before you sign.

Put your renewal letter next to a switch and a restructure. See the payment, the interest and what you'll still owe at the end of the term for each one.

Rough numbers only. This is a calculator for planning, not an approval or advice. Rates shown are examples you can change. Nothing you type is saved unless you choose to email it to yourself.

The options

Rate on your renewal letter

Example rate if you switch

Switching costs you've been quoted, if any

If you reset, stretch it to

Switching could save you over the term

	Stay	Switch	Switch + reset
Rate
Monthly payment
Interest over the term
Owed at end of term
Switching costs
Term cost (interest + costs)

Days until renewal
Your letter should arrive by
Start shopping by

Rough numbers for planning only. This isn't an approval, a quote, an offer or advice. Example rates are for the math and aren't rates we're offering. Your lender's policies, your credit and the property change the real answer.

Talk to Mitch about it

How to use it

Three steps.

Enter your renewal date

It's on your renewal letter or your annual mortgage statement. The tool works out when your letter should arrive and when to start shopping.

Add the rate on your letter

Then an example rate you might switch to. Use any number you like. This tool doesn't show live rates.

Compare the three columns

Look at interest over the term and the balance left at the end, not just the payment. A lower payment from a longer amortization costs more over time.

What the numbers mean

Worth knowing.

Why the letter date matters

Federally regulated lenders have to send your renewal statement at least 21 days before your term ends. That's not much time to compare, which is why I suggest starting about four months out.

Switching is easier than it used to be

Since November 2024, if you're switching an uninsured mortgage to a new lender at renewal without adding money or stretching the amortization, the new lender doesn't have to apply the stress test. Insured mortgages already worked that way.

What "reset" means

Resetting the amortization stretches what's left of your mortgage back out, often to 25 years. Your payment drops, but you pay interest for longer. It can be the right call when cash flow is tight. It's rarely free.

Free guide

The Debt Consolidation and Refinance Guide

How refinances, HELOCs and second mortgages work, what breaking costs and when it makes sense.

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FAQ

Good questions.

When should I start shopping my mortgage renewal?

About 120 days before your term ends. Many lenders will hold a rate for around that long, and it gives you time to compare offers before your renewal letter arrives. Federally regulated lenders only have to send that letter 21 days before maturity.

Do I have to pass the stress test to switch lenders at renewal?

Not for a straight switch. Since November 2024, OSFI has exempted uninsured straight switches at renewal from the minimum qualifying rate, as long as you don't add money or extend the amortization. Insured mortgages were already exempt. The new lender still checks your income, credit and property.

Does it cost money to switch lenders at renewal?

There can be legal, appraisal or discharge costs, and they vary by lender and file. Some lenders cover some of them to win your business. Put any costs you've been quoted into the switching costs field so the comparison stays honest.

Is a lower payment always the better renewal?

No. A lower payment that comes from a longer amortization means more total interest. Compare the interest paid over the term and the balance you'll still owe at the end. That's what this tool's three columns are for.