Compare your modeled payment before and after a Canadian mortgage renewal, with explicit compounding, amortization changes and a defined term horizon. Use the example values or enter your own numbers to explore an estimate.
Regional assumptions and source year are documented below. Currency display is not an exchange-rate conversion.
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At the renewal balance, convert quoted nominal annual rates to monthly effective rates with (1 + j/c)^(c/12) - 1, then solve fixed monthly annuity payments. Compare the old and new amortizations over the entered renewal term, without claiming the renewal rate persists until final payoff.
Source/rule review year: 2026
A fictional $320,000 balance is compared at renewal using a 3.2% current quoted rate and a 5.1% renewal rate, with 20 years of amortization on both sides and a five-year comparison term. Semi-annual compounding is selected for both rates.
| Part | Item | Value |
|---|---|---|
| Input | Balance at renewal | CAD 320,000.00 CAD |
| Input | Current quoted annual rate | 3.2 % |
| Input | Remaining amortization before renewal | 20 years |
| Input | Renewal quoted annual rate | 5.1 % |
| Input | Amortization after renewal | 20 years |
| Input | Comparison term at renewal | 5 years |
| Input | Current rate compounding | Semi-annually (typical fixed rate) |
| Input | Renewal rate compounding | Semi-annually (typical fixed rate) |
| Input | Monthly property taxes | CAD 0.00 |
| Input | Monthly home insurance | CAD 0.00 |
| Input | Monthly condo or HOA fees | CAD 0.00 |
| Input | Other monthly ownership costs | CAD 0.00 |
| Result | Monthly payment change at renewal | $316.61 |
| Result | Modeled payment before renewal | $1,803.50 |
| Result | New monthly payment | $2,120.11 |
| Result | Payment change | 17.6% |
| Result | Annual payment change | $3,799.32 |
| Result | Interest over comparison term | $74,484.12 |
| Result | Old-rate interest over comparison term | $46,141.91 |
| Result | Balance at end of comparison term | $267,277.38 |
| Result | Payment if renewal rate rises another 1 percentage point | $2,296.99 |
| Result | Payment if renewal rate rises another 2 percentage points | $2,480.42 |
| Result | Monthly principal and interest (loan only) | $2,120.11 |
| Result | Monthly property taxes | $0.00 |
| Result | Monthly home insurance | $0.00 |
| Result | Monthly condo or HOA fees | $0.00 |
| Result | Other monthly ownership costs | $0.00 |
| Result | Entered monthly ownership costs | $0.00 |
| Result | Monthly housing outflow before extra principal | $2,120.11 |
| Result | Previous monthly housing outflow | $1,803.50 |
Read the payment change as principal-and-interest under the selected Canadian quoted-rate convention. The balance comparison covers only the entered five-year renewal term; it does not assume the renewal rate lasts until the mortgage is paid off. The example's separate monthly property-tax, insurance, condo/HOA, and other ownership-cost fields are all set to zero in the input table; they are not part of principal and interest.
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