lendsimpl Logo

Brokerage #13763

Get a Rate Comparisonno pressure · Canada
SMART RENEWAL / SWITCH ENGINE
Renewal / Switch Calculator
Compare renewal scenarios with soft, LendSimpl-style visuals.
Creates a scenario-based PDF report.

Don't auto-renew and overpay — compare real rates before you sign

Your lender's renewal offer is rarely their best rate. A licensed broker compares 50+ lenders and can often lower your payment — for you.

FSRA Brokerage #137635.0★ Google-rated50+ lenders compared

FSRA Brokerage Licence #13763 · Ontario

Current Situation
Balance & payment are auto-calculated from the details below.
LIVE ENGINE
Outstanding Balance
$500,000.00
Current mortgage balance
Current Mortgage Payment
$2,979.59 / monthly
Based on details entered
Balance at Maturity
$470,193
Projected at end of term
$500,000
$
$0
$2,000,000
Enter the remaining balance on the current mortgage.
5.25%
%
0%
15%
Auto-limited: today → maturity date.
$2,979.59 / monthly
Calculated from rate, balance & amortization.
Total schedule25 years
33
months remaining in this term
Approx. duration: 2 years 9 months
TIMELINE TO MATURITY
Your next payment and maturity date with projected balance.
2026-01-162028-10-16
Projected date
2028-10-16
Remaining payments
34
Current rate
5.25%
Next payment
Keeps the amortization and schedule on track.
Maturity
At maturity, your projected balance is:
Balance at Maturity
$470,193
End-of-term amortization
22 years 2 months
Simulate Renewal Today
(Remaining term months uses date difference; balance math uses remaining payments count = 34.)
Timeline base: next payment → projected date 2028-10-16.
Renewal Scenarios
Scenario 1
Scenario 2
Scenario 3
New Mortgage
$470,193
$
$470,193
$470,193
$
$470,193
$470,193
$
$470,193
New Rate
APR 5.250%
0
APR 5.250%
0
APR 5.250%
0
New Payment
MORTGAGE PAYMENT
$2,979.59
/ monthly
Base Scenario
MORTGAGE PAYMENT
$2,979.59
/ monthly
=
MORTGAGE PAYMENT
$2,979.59
/ monthly
=
How much will your Payments change?
Compared to your current mortgage payment, your new payment will stay the same.
*Monthly change uses a monthly-equivalent comparison across different frequencies.
Current Payment
$2,979.59
/ monthly
New Payment
$2,979.59
/ monthly
Monthly Change
No change
—$0.00
monthly-equivalent
Base scenario: Scenario 1
Principal & Interest
Show Differences
Scenario 1
Term Interest
$114,216.04
Term Principal
$64,559.36
Total Term Payments
$178,775.41
Balance end of Term
$405,634.01
Base Scenario
Scenario 2
=
Term Interest
$114,216.04
Term Principal
$64,559.36
Total Term Payments
$178,775.41
Balance end of Term
$405,634.01
Scenario 3
=
Term Interest
$114,216.04
Term Principal
$64,559.36
Total Term Payments
$178,775.41
Balance end of Term
$405,634.01
FSRA-Licensed Broker

Your scenarios are ready — now get a real renewal rate comparison.

These are estimates. A lendsimpl broker compares 50+ lenders and can lower your payment by hundreds per month. A 15-minute call is all it takes.

Common questions about mortgage renewal in Ontario

When should I start shopping for a mortgage renewal?
Start 4–6 months before your maturity date. Most lenders hold a rate for 90–120 days. Shopping early prevents auto-renewal at the posted rate, which is often 0.5–1% higher than the best available rate — costing thousands over a 5-year term.
Should I switch lenders at renewal or stay with my current bank?
Switching often saves thousands. Your bank's renewal offer is rarely their best rate — they count on inertia. This calculator lets you model multiple scenarios side by side. A broker compares 50+ lenders and can often beat your current bank's offer significantly.
What is a mortgage transfer or switch in Canada?
A mortgage switch (or transfer) moves your mortgage to a new lender at renewal with no down payment required. The new lender typically covers the legal and administrative fees. Switching for a better rate costs you nothing but can save thousands.
How much can a lower rate save me at renewal?
Even a 0.25% rate difference saves roughly $1,250 per year on a $500K mortgage — or $6,250 over a 5-year term. Use this calculator to model multiple scenarios and see the exact payment and interest difference before committing.
What happens if I do nothing at renewal?
Your lender automatically renews you into a new term at their posted rate — usually without negotiation. Most Canadian lenders send a renewal letter 30–60 days before maturity; if you don't respond, the auto-renewal takes effect automatically, often at a rate 0.5–1% above what a broker could secure.
Do I need to requalify or pass the stress test to switch lenders at renewal?
No. Straight lender-to-lender switches at renewal (same amortization, no additional funds) are exempt from the mortgage stress test under current federal rules. You only face the stress test if you increase your loan amount or extend your amortization beyond what's already on file.
FSRA Brokerage #13763 · Ontario
15-minute call · Licensed Ontario Broker

Renewal coming up? Book a strategy call to maximize your savings.

Our FSRA-licensed brokers compare 50+ lenders so you never auto-renew at a bad rate. At no cost for most homeowners.

FSRA Brokerage #137635.0★ Google-rated50+ lenders compared
Explore Our Services

FSRA-licensed Ontario mortgage brokerage · Licence #13763 · 50+ lenders compared

Ontario Mortgage by City

Renewal Calculatoracross Ontario — all 82 cities

City-specific rate estimates, local broker availability, and programmatic closing-cost data for every major Ontario market. Rates, land transfer taxes, and closing costs vary by municipality — get city-specific numbers instantly.

82
Ontario cities
FSRA-licensed
brokers in every city

Popular Cities

TorontoOttawaMississaugaBramptonHamiltonKitchenerMarkham
All Ontario Regions

Toronto & Area

TorontoNorth York (Toronto)Scarborough (Toronto)Etobicoke (Toronto)York (Toronto)East York (Toronto)

GTA

BramptonBurlingtonMarkhamMississaugaOshawaPickeringRichmond HillVaughanOakvilleMiltonAjaxWhitbyCaledonClaringtonAuroraGeorginaWhitchurch-StouffvilleKing CityEast Gwillimbury

Southwest

BrantBrantfordCambridgeGuelphHaldimand CountyHamiltonKitchenerLondonNiagara FallsNorfolk CountyOwen SoundPort ColborneSarniaSt. CatharinesSt. ThomasStratfordThoroldWaterlooWellandWindsorWoodstockChatham-KentLeamington

Eastern

BellevilleBrockvilleClarence-RocklandCornwallKingstonOttawaPembrokePeterboroughPrince Edward CountyQuinte WestCobourgPort Hope

Central

BarrieKawartha LakesOrilliaNewmarketCollingwoodInnisfilBradford West GwillimburyMidlandWasaga Beach

Northern

DrydenElliot LakeGreater SudburyKenoraNorth BaySault Ste. MarieTemiskaming ShoresThunder BayTimminsParry SoundHuntsvilleBracebridgeGravenhurst

Never Auto-Renew at Your Bank's Posted Rate Again

At renewal, your current lender is counting on your inertia. The posted renewal rate is typically 0.5% to 1.0% above the best available rate — costing thousands over a 5-year term. This calculator lets you model up to 4 renewal scenarios side by side with Canadian semi-annual compounding and exact payment frequencies so you can compare staying vs. switching with real numbers.

lendsimpl FSRA-licensed brokers cover every Ontario city listed above and can have your renewal rate comparison ready in under 24 hours. Switching at maturity comes at no cost to you — the new lender covers legal and transfer fees. Start shopping 4–6 months before your maturity date to lock in the best rate before your bank sends their offer.

Quick Facts · 2026

Avg. savings from switching lenders
$6,250+
Rate hold at renewal
90 – 120 days
Start shopping before maturity
4 – 6 months
Switching penalty at maturity
None
New lender covers
Legal & transfer fees
Lenders compared
50+

lendsimpl is an FSRA-licensed Ontario mortgage brokerage (#13763) serving all 82 Ontario cities listed above. We compare 50+ lenders to find Canadians the best rates — available for most borrowers. All calculations use live 2026 Ontario tax rates and CMHC rules.

5.0
19 Ontario client reviewsFSRA Brokerage Licence #13763