Mortgage Renewal Calculator
Your bank's renewal offer vs today's broker-channel best. See the monthly + total interest delta over the term.
Your Renewal
Inputs
120-day rate hold
Every Canadian A-lender will lock a rate for up to 120 days before your maturity date at no cost. Shop early — protect against a rise, capture any drop.
Monthly Savings (Broker vs Bank)
$324
$3,893/year in payment
Interest Saved Over 5-yr Term
$28,216
Balance at term end: $8,752 less
Verdict
Switch — the math is clear.
Switching to the broker channel rate saves you $28,216 over the 5-year term. Legal costs are typically covered by the new lender on insured switches; on uninsured, budget $500–$1,000 in legal fees — still well below the savings.
These numbers are a good estimate. A licensed IndiBrick advisor will tune them against your actual file and current lender rates.
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Personally reviewed by
Vikas Sharma
Broker · Part of Dream Home + Life
I personally review every complex approvals, declined files, self-employed and respond within 1 business day.
Questions you probably have
Should I switch mortgage lenders at renewal?+
Most Canadians should shop. Bank renewal offers are typically 20–100 bps above broker-channel best. On a $400,000 balance over a 5-year term, that gap is $15,000–$40,000 in interest. Switching an insured mortgage is essentially free (new lender covers legal + discharge); uninsured switches cost $500–$1,000 in legal fees.
What is the 120-day rate hold?+
Every A-lender in Canada will lock a rate for up to 120 days before your maturity date at no cost. If rates rise, you're protected. If rates drop, you take the lower rate. This is the single most valuable free option in the mortgage lifecycle — and it disappears the day your renewal auto-executes.
What if my bank offers to match the broker rate?+
This is called retention. Bank retention teams have discretion to match up to 20–40 bps below their initial offer. Two things matter: (1) you must ASK — retention rates are not offered proactively, (2) you need a competing quote in writing to force the match. A broker gives you that quote.
What is blend-and-extend?+
Your current lender takes your existing rate + a new higher rate, weighted-averages them, and re-extends your term. Zero penalty. Useful when you want to lock more term without breaking. Bank retention offers it grudgingly — usually only if you ask by name.
Does the calculator account for the mortgage penalty?+
No — this calculator compares the renewal-day math (bank offer vs broker rate). If you're considering breaking EARLY (before maturity), use the Mortgage Penalty Calculator to compute IRD vs 3-month interest, then compare that penalty against the interest savings from the lower rate.
Real numbers, real broker.
The math above is a good estimate — a licensed IndiBrick advisor will tune it against your file and current lender rates.
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