Mortgage Renewal Calculator – Help Guide
The Mortgage Renewal Calculator helps you compare your current mortgage terms against new renewal options. When your mortgage term ends, you can renew at the best available rate. This tool quantifies potential savings from switching lenders or negotiating a better rate.
How to Use This Tool
- 1
Enter your current mortgage balance
Enter the remaining principal balance on your current mortgage.
- 2
Enter your current rate and payment
Input the interest rate and monthly payment you are currently paying.
- 3
Enter the new renewal rate
Enter the rate being offered at renewal (from your current lender or a competitor).
- 4
Enter remaining amortization
Enter how many years remain on your original amortization schedule.
- 5
Compare the results
Review the difference in monthly payments and total interest paid over the term.
Helpful Tips
- •Start shopping 120 days before your renewal date. Most lenders allow you to lock in a rate that far in advance.
- •Don't just accept the first renewal offer from your current lender. Competitors often offer lower rates.
- •If breaking your mortgage early, calculate the prepayment penalty (typically 3 months interest or IRD, whichever is greater).
- •A lower rate is not always better if it comes with high fees or restrictive prepayment privileges.
Frequently Asked Questions
Ready to get started?
Open the Calculator