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Mortgage Refinance Calculator

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Determining available equity

(
$300,000 current home value
x
80% maximum loan to value ratio
) -
$100,000 current mortgage
=
$150,000 available equity
4
The maximum amount that you can withdraw when refinancing your mortgages is limited to 80% of the value of your home. $155,000 $0

Your new mortgage amount

$100,000 current mortgage
+
$50,000 additional equity
=
$150,000 new mortgage

We'll help you find the best rates

We're a search engine for Canada's best mortgage rates. Let us help in getting you the best rates for your new mortgage.

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rate
term
type
province

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The mortgage term is the amount of time a homebuyer commits to the rules, conditions and interest rate agreed upon with the lender. The term can be anywhere from six months to 10 years, with a 5-year mortgage term being the most common duration.
How often would you like to make your new mortgage payments? Choose between weekly, semi-monthly, monthly or yearly.
Enter the date you entered into your original (existing) mortgage contract.
The balance of your original (existing) mortgage the day you are planning to refinance.
Enter the current mortgage payment you make whether semi-monthly, monthly or semi-monthly. I don't know this, help me estimate. Enter the frequency with which you currently make mortgage payments: monthly, semi-monthly or yearly.
Enter the balance of your mortgage on the initial signing date of your contract. Enter the amortization of your mortgage on the initial signing date of your contract.
Which mortgage lender is providing your current (existing) mortgage contract?
The mortgage term is the amount of time a homebuyer commits to the rules, conditions and interest rate agreed upon with the lender. The term can be anywhere from six months to 10 years, with a 5-year mortgage term being the most common duration.
Is your current mortgage rate variable or fixed?
Enter the mortgage rate you are currently paying on your existing mortgage rate.
The discount you received when signing your contract. For example if the posted rate at the time was 5.0% and you ended up paying 3.0%, your discount would have been 2%. I don't know this, help me estimate.

Based on your inputs we've estimated your mortgage payment and remaining mortgage. Adjust these amounts if you've taken advantage of your prepayment options.


We’ve estimated your current mortgage payment based on your inputs above. Please adjust if you’ve taken advantage of your prepayment options. The balance of your original (existing) mortgage the day you are planning to refinance.

Will refinancing help you?

status quo refinancing
Mortgage amount
Mortgage interest rate
Payment
One time refinance penalty
Interest cost (for remaining status-quo term)
Interest savings (for remaining status-quo term)
One time refinance penalty
Net savings

You could save $200 a year by refinancing.

Speak to a broker now

You can access up to $50,000 by refinancing.

Speak to a broker now

*Disclaimer: Please note that the calculation results are estimates based on our most up-to-date information sourced from lenders’ publicly stated methodology and first-hand accounts. This information is subject to change. The results do not include special offers, such as cash back incentives, or any discharge, registration, reinvestment or transfer fees you may also incur. For an exact penalty calculation, contact your lender directly.

Mortgage Refinance Calculator

Use RateHub.ca’s calculator to determine if a mortgage refinance is right for you. There are two main reasons you’d consider doing a refinance, the first to lower your existing mortgage rate and the second to access the equity (or cash) you’ve built in your home.

Refinance to lower your mortgage rate

To determine if you can save at a lower mortgage rate, use our calculator to compare the monthly interest savings against the cost to refinance. As most mortgage brokers and lenders will cover your legal costs, the only cost you need to worry about is your mortgage break penalty. This penalty is charged by your lender for breaking your mortgage contract early and is based on your original contract date and current mortgage balance and rate.

Refinance to access home equity (cash)

If you’re considering a refinance to access home equity, you’re not alone. According to the Canadian Association of Mortgage Professionals, last year 10% of Canadian mortgage holders accessed an average $49,000 of equity from their homes. The large majority of this equity was used for debt consolidation or home renovation. If refinancing for equity, the first thing you want to determine is the maximum amount of equity you can access. In Canada, mortgage holders can access a maximum of 80% of their homes value less any outstanding mortgage balance. Unfortunately accessing this equity comes at a cost – your lender will change you a penalty for breaking your mortgage early. Use RateHub.ca’s refinance calculator to determine your maximum equity and the corresponding penalty. If you’re refinancing in a falling interest rate environment, you may be able to take advantage of interest savings as a bonus.


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