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CALCULATOR

Refinance Calculator

Thinking about refinancing? Compare your current payment to a new mortgage with a lower rate, extended amortization, or equity access — and see what you could save.

Your Refinance Details

Enter the current estimated value of your home
Your remaining mortgage principal
The rate you are currently paying
Your current monthly mortgage payment, not including property tax
The amortization for your new refinanced mortgage
The length of your new mortgage term
Rate based on selected term and type from our posted rates

Your Refinance Estimate

You Could Save $0 over your 5-year term
Max Mortgage (80% LTV) $0
Available Equity $0
Current Monthly Payment $0
New Monthly Payment $0
Monthly Savings $0
Annual Savings $0
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These numbers represent a non-binding estimate. Rates and terms subject to approval.

What Is Mortgage Refinancing?

Mortgage refinancing means replacing your existing mortgage with a new one, typically to take advantage of better rates, access your home equity, or change your mortgage terms. When you refinance, your current mortgage is paid off and replaced with a new agreement.

Why Refinance Your Mortgage?

Homeowners refinance for a variety of reasons:

  • Lower your interest rate: If rates have dropped since you took out your mortgage, refinancing can reduce your monthly payment and total interest costs.
  • Access home equity: Cash-out refinancing lets you borrow against your home's value for renovations, investments, or other major expenses.
  • Consolidate debt: Roll high-interest debts into your mortgage at a much lower rate, simplifying payments and saving on interest.
  • Change your term: Switch from a variable to fixed rate for stability, or shorten your amortization to pay off your home faster.

How Much Can You Refinance?

In Canada, you can refinance up to 80% of your home's appraised value (loan-to-value ratio). This means if your home is worth $550,000, the maximum mortgage you can carry is $440,000. Any difference between that and your current balance is equity you can potentially access.

Costs to Consider

Refinancing isn't free. Before making the switch, factor in these potential costs:

  • Prepayment penalty: If you're breaking your mortgage mid-term, your lender may charge a penalty — typically 3 months' interest or the interest rate differential (IRD), whichever is higher.
  • Legal fees: A lawyer or notary is required to register the new mortgage, usually $800–$1,500.
  • Appraisal fee: Your lender may require a home appraisal, typically $300–$500.
  • Discharge fee: Your current lender may charge a fee to discharge your existing mortgage.

Is refinancing right for you?

Speak with a licensed mortgage specialist to compare your options and find out how much you could save by refinancing. No obligation, no credit check required.

Speak to a Specialist