Should I choose a fixed or variable rate at renewal?

Fixed rates provide payment stability and protection against rate increases. Variable rates are typically lower initially but can fluctuate. Choose based on your risk tolerance and market outlook. If you expect rates to rise, lock in a fixed rate.

Can I switch lenders at renewal?

Yes, renewal time is an excellent opportunity to shop around. You can switch lenders without penalty at the end of your term. Compare rates from multiple lenders and use competing offers to negotiate with your current lender.

What term length should I choose at renewal?

Shorter terms (1-3 years) offer flexibility and typically lower rates but more frequent renewals. Longer terms (5 years) provide stability but may have higher rates. Consider your financial plans and market conditions when choosing.

Mortgage Renewal Calculator

Calculate how different renewal rates and terms will affect your mortgage payments.

Mortgage Renewal Comparison

Compare your current mortgage with renewal options at different rates and terms

Current Mortgage Details

Mortgage Balance at Renewal ($) Outstanding balance when term ends

Current Interest Rate (%) Rate from your current term

Remaining Amortization Years left to fully pay off mortgage

Current Monthly Payment ($) Auto-calculated

Renewal Options

New Interest Rate (%) Offered renewal rate

New Term Length Duration until next renewal

Payment Frequency How often you make payments

Lump Sum Payment ($) Optional one-time payment at renewal

Renewal Analysis

New Payment

Monthly

Payment Change

Per payment

Term Interest

Over 5 years

Balance After Term

At next renewal

Current Terms

Mortgage Balance $0

Interest Rate 0%

                    Monthly Payment
                    $0
                

Remaining Amortization 0 years

Renewal Terms

Mortgage Balance $0

Interest Rate 0%

                    New Payment
                    $0
                

Term Length 0 years

Payment Impact Comparison

Current

$1.800

Renewed

$2.000

Annual Difference

Over Term Difference

Term Payment Breakdown

Principal (0%)

Interest (0%)

Term Length Comparison

Term	Payment	Term Interest	Principal Paid	Balance After

Rate Scenario Analysis

Rate	Monthly Payment	Change vs Current	Term Interest	Annual Cost

Payment Schedule - First Year

Payment #	Payment	Principal	Interest	Balance

Your Renewal Summary

Rate: X% → Y% | Payment: $X → $Y | Change: +$Z/month

Understanding Mortgage Renewal

What is Mortgage Renewal?

When your mortgage term ends, you still have an outstanding balance to pay off. At renewal, you negotiate a new interest rate and term with your current lender or switch to a new one. The amortization continues from where you left off.

Renewal vs Refinancing

Renewal: Renegotiate rate/term at end of term, same mortgage
Refinancing: Replace mortgage entirely, often with new amount
Renewal has no fees if staying with same lender
Switching lenders at renewal may have minimal costs

Tips for Best Renewal Rate

Start shopping 120 days before term ends
Get quotes from multiple lenders
Don't just accept lender's first offer
Consider mortgage brokers for better rates
Negotiate using competing offers

Choosing Your Term

1-2 years: Lower rates, more flexibility, frequent renewals
3 years: Balance of rate and stability
5 years: Most popular, stable payments, higher rates
Consider your plans and rate expectations