Compare before signing
Renewal shock calculator
Estimate how a higher renewal rate could change a monthly mortgage payment before signing a lender renewal offer.
StayCompare the lender’s offer and product terms.
SwitchTest the same balance and remaining amortization elsewhere.
RestructureOnly if changing debt or amortization improves the full plan.
Estimate only using Canadian semi-annual compounding and monthly payments. A real renewal review should include payment frequency, term, penalty, amortization, property value, debts, fees, and lender conditions.
These numbers are a useful starting point. Lender rules, the property, and timing decide whether they hold up when you need them.
Review these numbersCommon questions
Before you sign your renewal
What is renewal shock?
Renewal shock is the payment jump when your mortgage renews at a higher rate than your current term. Many homeowners are seeing meaningful increases at renewal.
Should I sign my renewal letter before comparing?
Compare first. Your renewal letter is an offer, not your only option. Starting a few months early gives time to check competing lenders.
When should I start comparing renewal options?
Three to four months before maturity is ideal. That leaves time to gather documents, compare rates, and switch lenders if another option fits better.
Renewal letter in hand?
Compare it before you sign—even if staying with your current lender turns out to be the right move. More time means more room to gather documents, negotiate, or switch.