Renewal / Switch Calculator: Make the Right Move for Your Mortgage
When your mortgage term ends, it’s not just about renewing—it’s about re-evaluating. The Renewal / Switch Calculator helps Canadian homeowners make smarter choices by comparing renewal options against switching to a better rate or term.
Whether you’re looking to save money, access better features, or gain peace of mind, this tool empowers you to compare and act confidently.
What Is a Mortgage Renewal?
Mortgage renewal happens when your current mortgage term ends, and you sign a new term with the same lender—usually with new rates and terms.
But here’s the catch: most homeowners simply auto-renew without checking better rates elsewhere.
With This Renewal / Switch Calculator, you can:
- See how much you could save by switching lenders
- Compare interest costs over time
- Evaluate break-even timelines and penalties (if applicable)
Instead of guessing or manually calculating using spreadsheets, this calculator gives you instant results and visual comparisons. It allows you to assess how minor changes in rate or term can impact your monthly payments and total costs.
This kind of clarity is essential, especially when banks and lenders present a variety of mortgage products. Our calculator ensures you don’t overlook details that could cost you more over time.
What Is a Mortgage Switch?
A mortgage switch means moving your mortgage from one lender to another, typically at the end of your current term. This can offer:
- Lower interest rates
- Better prepayment privileges
- Cashback offers or reduced fees
Use This Renewal / Switch Calculator to weigh your options side by side—renew or switch, and decide what’s best for your future.
When to Consider Switching
Consider using the Renewal / Switch Calculator if:
- ou received a renewal offer that feels high
- You see better rates advertised elsewhere
- You want to change your amortization or payment frequency
- You’re exploring lenders offering incentives like cash-back or free appraisals
Benefits of Using the Renewal / Switch Calculator
- Instantly compare offers without commitment
- Visualize long-term savings
- Get clarity on switching costs
- Make data-driven decisions
Things to Watch For When Switching
While switching can save you money, it’s not always free. Be aware of:
- Legal and administrative fees
- Appraisal requirements
- Qualification criteria with the new lender
- Time sensitivity (switch before your renewal deadline)
This Renewal / Switch Calculator accounts for these to help you make a truly informed decision.
Pro Tips Before Renewing
- Don’t auto-renew without shopping around
- Use your renewal as leverage to negotiate better terms
- Talk to a mortgage agent early to explore pre-approvals from other lenders
Need help reviewing your numbers? Reach me and I’ll walk you through it.