What happens at renewal?
Compare your payment today with what it could be at a new rate, on the balance you'll still owe.
Monthly payment at 4.7%
$2,885
$503 more than at 2.5% ($2,382), on $450,000 over 20 years
| 3.7% | $2,650 a month |
|---|---|
| 4.2% | $2,766 a month |
| 4.7% | $2,885 a month |
| 5.2% | $3,006 a month |
| 5.7% | $3,130 a month |
Over a five-year term, that's about $30,173 more in payments. Shopping around before your renewal date is often worth a quarter point or more.
Estimates assume a fixed rate compounded twice a year, as Canadian lenders do. This isn't mortgage advice. Thinking of selling or moving up instead of renewing? Find out what your home is worth or price your next one.