Renewal Comparison
Your bank's renewal vs. the market.
Forward your bank's renewal letter to us and we'll benchmark it against 30+ lenders. This calc gives you the math before you call us.
Live math · no calculate button| Canadian semi-annual compounding · OSFI B-20| Ontario + Toronto LTT-aware| Same engine our advisors use
Your inputs
Total savings over term
$12,428
At 0.90% below your bank's offer
Bank's renewal payment$2,682
Market-rate payment$2,475
Monthly savings$207
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Download a neat PDF report with your numbers.
Lender-ready summary, your assumptions baked in, and a personalized note from a advisor at Mortgage Squad Advisors.
Methodology · Canadian-correct
Average Mortgage Squad Advisors client beats their bank's first renewal offer by 30-60bps. The Renewal Loyalty Rate adds further savings for return clients.
Mortgage glossary— terms that matter for this calculator
How much does the average Canadian save by switching lenders at renewal?
Average Mortgage Squad Advisors renewal client beats their bank's first offer by <strong>30-60 basis points</strong>. On a $500K balance over a 5-year term, that's roughly $4,000-7,500 in lifetime interest savings. Larger files see proportionally larger savings.
When should I start shopping for renewal?
<strong>120 days before maturity</strong>. That's the federal window for transferring without penalty, and it gives lenders time to compete for your file. Earlier than 120 days the rate hold expires; later than 60 days you have weak negotiating leverage.
Are there switching fees at renewal?
Usually <strong>$0 to you</strong> on A-lender transfers. The new lender covers the discharge fee (~$300) and appraisal (~$300) as a transfer incentive. We disclose any unusual fee in writing before you commit.
Will I have to re-qualify if I switch lenders?
Standard transfer = yes, the new lender re-qualifies you under OSFI B-20 (stress test at contract +2% or 5.25%). <strong>Straight transfers</strong> at certain credit unions and specialty lenders qualify at contract rate with no re-qualification. We route to those when your file is at the edge.
Should I also consider a refinance at renewal?
If your file has changed since the last term — accumulated debt, equity growth, income change, family change — a refinance scenario alongside the straight renewal often wins. We model both for every renewal file before recommending.