🏠 MORTGAGE & REAL ESTATE · UPDATED 2026

Mortgage Refinance Calculator

Find out if refinancing your Canadian mortgage makes financial sense — including break-even analysis, penalty costs, interest savings, and cash-out refinance options.

🔄

Refinancing can save thousands — but only if the numbers work out

A lower rate sounds great, but after paying your mortgage break penalty, legal fees, and appraisal costs, it can take years to break even. This calculator tells you exactly how long — and whether staying put or refinancing wins.

📋 Your Mortgage Details

🏦 Current Mortgage
$
Your remaining principal today
%
mo
Until your current mortgage renewal date
yrs
Total years left on your mortgage
✨ New Mortgage
%
Rate you've been offered or expect to get
yrs
Keep the same or extend to lower payments
$
Extra equity you want to access (enter 0 if none)
Affects how your break penalty is calculated
💸 Refinance Costs
$
Get exact figure from your lender · Use our Penalty Calculator for an estimate
$
Typical range: $1,000–$2,500

📊 Refinance Verdict
$0
Loading…
Break-Even Point
— mo
Monthly Savings
$0
Total Interest Saved
$0
Total Costs
$0
Current Monthly Payment
$0
At 0%
New Monthly Payment
$0
At 0%
Monthly Savings
$0
Per month after refinancing
Penalty + Fees
$0
Total cost to refinance
Break-Even Point
— mo
Months to recover costs
Net Savings (Full Term)
$0
After all costs

🔴 Keep Current Mortgage

Rate0%
Monthly Payment$0
Months Remaining0 mo
Total Interest (remaining)$0
Total Cost$0

✅ Refinance Now

New Rate0%
New Monthly Payment$0
New Amortization0 yrs
Total Interest (new term)$0
Total Cost (incl. penalty)$0
📅 Break-Even Progress 0 months
Refinance today Break-even

📅 Cumulative Savings Over Time

Blue row = break-even point. Green = year you're ahead. Shows cumulative net savings after deducting all refinance costs.

💡 Refinancing Tips for Canadians

📅 Wait for Renewal if Close

If you have less than 4–6 months left in your term, the break penalty is often small enough that waiting for renewal costs less than the legal and appraisal fees of refinancing now.

🏦 Try Blend-and-Extend First

Ask your lender about "blend-and-extend" — they blend your current rate with the new rate over a new term. No penalty, though you won't get the full benefit of today's lower rates.

💰 Use Cash-Out Wisely

Cash-out refinancing adds to your mortgage balance and costs more in interest over time. Use it for renovations (adds value) or high-interest debt consolidation — not lifestyle spending.

🔒 Lock in Before Renewal

Many lenders let you lock in a new rate 90–120 days before renewal with no penalty. If rates are rising, locking early protects you. If rates are falling, wait as long as possible.