Home/Renewal & switch

Renew or switch? See both, with costs.

Most people just sign the renewal letter. Enter your numbers and compare staying put against moving your mortgage — including the switch costs, so the winner is honest.

New term

A straight switch at renewal usually carries no penalty — just discharge and legal fees, often covered by the new lender.

Stay — renew with lender

Your current lender

4.79%
Monthly payment$2,713
Interest over term$91,642
Switch costs$0
Total cost over term$91,642
vs
Switch — move to a new lender

Best available rate

4.19%
Monthly payment$2,579
Interest over term$79,851
Switch costs$1,100
Total cost over term$80,951
Over the term, switching would
put you ahead by
$10,691
Don't just sign the letter

Have a broker shop your renewal.

Renewal offers are rarely a lender's best rate. A broker runs your file across the market and handles the switch paperwork if moving wins.

Shop my renewal
What a licensed mortgage professional does
  • Switch paperwork handled for you
  • Told plainly if staying wins

Illustrative comparison based on your inputs, using Canadian semi-annual compounding over the selected term. Not an offer of credit. Renewal and switch rates and eligibility are set by the lender. Confirm your exact figures before deciding.