Calculator · Renewal Payment Shock
What will your payment be at renewal?
Millions of Canadians renewing in 2026 locked in at pandemic-era rates near 2%. See exactly how much your monthly payment changes at today's rate — and what to do about it before you sign the bank's renewal.
Live math · no calculate button| Canadian semi-annual compounding · OSFI B-20| Ontario + Toronto LTT-aware| Same engine our advisors use
Your inputs
$480k
1.99%
4.39%
20 yrs
Your payment goes UP by
$574
+23.7% per month · $6,888/year
Old vs. new payment
Current monthly payment$2,424
New monthly payment$2,998
Monthly difference+$574
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Methodology · Canadian-correct
Principal + interest only. Extending amortization lowers the payment but raises lifetime interest. A transfer/switch at renewal usually carries no penalty. We model every option before your maturity date. O.A.C.
Mortgage glossary— terms that matter for this calculator
What is payment shock at renewal?
It's the jump in your monthly payment when you renew from a much lower rate to today's rate. Someone who locked a 1.99% five-year fixed in 2021 and renews at ~4.39% can see their payment rise 20-30%+ — a real budget hit worth planning for early.
How can I reduce my renewal payment shock?
Options: shop the whole market (don't auto-renew — your bank's first offer is rarely best), extend amortization to lower the payment, switch to a lender with a lower rate (a transfer often has no penalty), or blend. We model each before your maturity date.
Should I switch lenders at renewal?
Often yes. Renewal clients who shop save an average of 30-60 bps versus their bank's first offer. A straight transfer/switch at renewal usually has no penalty and may not even require the stress test at some lenders. See our renewal guide.
When should I start my renewal?
About 120 days before maturity — that's the rate-hold window, so you lock today's rate while you shop and can't be caught by a rise. Set a reminder or we'll track it for you.
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