Mortgage Refinance Calculator Canada
Are you curious about how much you could save by refinancing your current mortgage? Our Mortgage Refinance Calculator Canada offers a quick, precise snapshot of your potential new monthly payment, interest savings, and any cash-out equity you can access. Whether you’re aiming for a lower rate, shortening your term, or tapping into home equity, this interactive tool helps you plan smarter, reduce stress, and see if refinancing makes sense.
Start using our Mortgage Refinance Calculator Canada now to explore potential savings, compare new loan terms, and see your break-even point in minutes.
Why Choose Our Mortgage Refinance Calculator?
Accurate, Real-World Calculations
Go beyond a simple payment estimate. Our calculator considers prepayment penalties, legal fees, discharge costs, and more, giving you a fully transparent view of your refinance expenses and monthly savings.
Dynamic Input Fields
Adjust your current loan balance, new interest rate, remaining term, and desired refinance term. Factor in accelerated payments if you’d like to pay off your mortgage even faster.
Compare Multiple Scenarios
Toggle between fixed and variable rates, or experiment with different amortization periods. Quickly see how a slight change in rate can affect your monthly payment and total interest over time.
Visual Charts & Break-Even Analysis
View an interactive amortization schedule and chart showing principal vs. interest breakdown. Identify your break-even point—the exact time when refinance savings surpass the costs of switching.
Mobile-Friendly & Fast
Enjoy a sleek, modern design that loads quickly on any device, letting you run multiple scenarios on the go—perfect for busy homeowners and investors.
Want specialized advice on refinancing? Book a Free Refinance Consultation with our experts.
Who Is This Calculator For?
Canadian Homeowners
Lock in lower rates or a shorter term to reduce overall interest costs and pay off your home sooner.
Real Estate Investors
Optimize your portfolio by freeing up cash from your current property, fueling new acquisitions or renovations.
Business Owners
Leverage home equity to fund expansions or manage higher-interest debts—often at a better rate than standard business loans.
If you’re wondering “Should I refinance my mortgage in Canada?”, this tool provides a clear, data-driven answer.
How Our Mortgage Refinance Calculator Works
1. Current Mortgage Snapshot
- Current Loan Balance: The remaining principal on your existing mortgage.
- Remaining Term: Months (or years) left until your mortgage is fully repaid under the current schedule.
2. Refinance Details
- New Loan Amount: You can choose to refinance just your balance or add a cash-out portion if you have equity.
- New Rate & Term: Enter your potential interest rate (fixed or variable) and your desired amortization (5–30 years).
- Refinancing Costs: Estimate fees like legal, appraisal, and discharge costs. We also approximate prepayment penalties if you’re breaking your mortgage term early.
3. Break-Even Point & Potential Savings
- Monthly Payment Comparison: See how much your new payment differs from the old one, factoring in interest rate changes and term length.
- Break-Even Analysis: Quickly determine how many months it takes for your monthly savings to offset refinancing costs.
- Amortization & Charts: Visualize the difference in total interest paid over time under the new mortgage, plus any short-term fees.
Curious if refinancing is truly beneficial? Use our Mortgage Refinance Calculator Canada now to see if you come out ahead.
Advanced Features
Accelerated Payments
Choose weekly, bi-weekly, or a custom accelerated payment plan. Our calculator automatically shows how these extra payments shorten your amortization and decrease total interest.
Scenario Comparison
Tweak interest rates, terms, and cash-out amounts in multiple tabs to find the best fit for your financial goals—perfect for deciding between a 5-year or 10-year term.
Mobile-Responsive
Calculate anywhere—whether you’re at home, on your phone during a property search, or sharing the results with a lender.
CTA: Use the Mortgage Refinance Calculator Canada now and see how you could secure a lower rate, reduce monthly payments, or access equity for other goals.
Benefits for Canadian Homeowners & Investors
Lower Monthly Payments
Spot rate or term changes that could save you hundreds each month.Access Home Equity
See how much cash you can pull out for renovations, investments, or debt consolidation.Shorten Your Amortization
Visualize how an extra $50 or $100 a month can reduce years off your mortgage.Build Equity Faster
Accelerated payment options let you take advantage of every extra dollar to cut total interest paid.Trusted Expert Support
Ready to refinance? Our brokers link you to 65+ lenders to find the best fit—no guesswork required.
(Interested in other mortgage tools? Check out our Mortgage Affordability Calculator or Debt Consolidation Calculator for more financial insights.)
Mortgage Refinance Calculator Canada
Calculate your potential savings, new monthly payment, and break-even point when refinancing your mortgage in Canada. Tailored for homeowners looking to lower interest rates, change terms, or access equity.
Refinance Details
New Mortgage Terms
Refinance Costs & Penalties
Disclaimer:
The tools and features on this website provide estimates and perform calculations for illustrative purposes only. They rely on various assumptions that may not account for every individual situation. For accurate and personalized guidance, we recommend consulting with a Genesis Group mortgage expert. The Genesis Group does not guarantee the accuracy, reliability, or completeness of these tools or their calculations.
FAQ: Mortgage Refinance Calculator Canada
How accurate is the Mortgage Refinance Calculator Canada?
Our calculator follows standard Canadian mortgage rules and includes typical fees and prepayment penalties. While reliable as an estimate, always confirm details with your lender or broker.
Can I compare different loan amounts or interest rates?
Absolutely. Tweak the New Loan Amount and Interest Rate fields, then see how each scenario changes monthly payments and total interest.
Are there costs associated with refinancing?
Yes—legal fees, discharge fees, and potential prepayment penalties may apply. Our tool factors these into your break-even point so you’re not blindsided.
Is refinancing always a good idea?
It depends on your break-even point and future plans. If you save more in interest than you spend in fees over a reasonable period, refinancing often makes sense. Talk to our experts for a personal assessment.
For official insights on mortgage refinancing in Canada, visit the Financial Consumer Agency of Canada.
Ready to Calculate Your Savings?
Don’t let a higher interest rate or old mortgage terms weigh you down. Use our Mortgage Refinance Calculator Canada to find out if you can save money, access equity, or shorten your amortization. Then, book a free consultation with our refinance experts to secure the best rates, maximize savings, and achieve your financial goals faster.
Calculate & Compare Now | Contact Our Experts
Make your refinancing journey simpler, faster, and more profitable. We’re here to help every step of the way!
