Mortgage Refinance Calculator
See how a new rate or extra funds could change your mortgage payment.
See the full refinance picture
Compare the payment, weigh the costs, and explore your equity.
Same balance. Same repayment period. See what a different rate changes.
On a $400,000 mortgage over 25 years, 6.15% is $2,595 per month and 5.49% is $2,439, a difference of $156 before costs.
Ask your lender for a written payout statement. The calculator excludes penalties and refinancing fees; the cost illustration above is a simple cash-flow example.
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Let’s review your refinance.
Bring your estimate and lender’s payout statement. We’ll compare the savings and costs, including whether waiting for renewal makes more sense.
FAQ
Frequently Asked Questions
Questions about refinancing? Understand your estimate before your next step.
What credit score do I need to refinance in Ontario?
There is no single score that guarantees approval. Lenders review your credit history alongside income, existing debts, property value and available equity. If your credit is less established, ask a mortgage specialist which lender options and rates are realistic before entering a rate here.
Fixed or variable rate mortgage on a refinance?
A fixed rate gives you a set interest rate for the term; a variable rate can change. Prepayment terms also differ by lender and contract. Compare both the payment and the cost of leaving your mortgage early, using your lender's written penalty estimate.
What rate should I enter for my new mortgage?
Use a rate quoted for your own refinancing scenario. Advertised purchase rates can be different from refinance rates, especially when you borrow additional funds. The calculator lets you test different rates, but only a lender can confirm an offer.
Does this calculator include my prepayment penalty?
No. It compares payments before prepayment penalties and other refinancing costs. Ask your lender for a written payout statement. If the new payment is lower, you can divide the total cost of refinancing by the estimated monthly saving for a simple break-even estimate, but also consider the remaining term and any change to amortization.
What does the Additional Funds field do?
It adds the amount you want to borrow to the new mortgage balance and payment. The amount you can access depends on your property value, existing secured debt, lender rules and qualification. A conventional refinance is commonly limited to 80% of appraised value.
Why does my payment differ from a US mortgage calculator?
Canadian fixed-rate mortgage quotes commonly use semi-annual compounding. This calculator converts the quoted annual rate using that convention. Payment schedules and variable-rate products may differ, so confirm the exact payment with your lender.