How much can I save by refinancing?

It depends on the rate drop, balance, and term remaining. This shows the monthly and total payment savings — subtract any penalty to break your current mortgage and new closing costs.

Is refinancing worth it?

Refinancing pays off when the interest savings exceed the penalty to break your mortgage plus new costs. Calculate the break-even before deciding.

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Mortgage Refinance Savings Calculator

How much a lower rate could save you.

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Mortgage balance (CAD) ($)Current rate (%)New rate (%)Years remaining (yrs)

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How to use this calculator

Enter your balance and years remaining.
Enter your current and new rates.
See your monthly and total savings.

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Frequently asked questions

How much can I save by refinancing?: It depends on the rate drop, balance, and term remaining. This shows the monthly and total payment savings — subtract any penalty to break your current mortgage and new closing costs.
Is refinancing worth it?: Refinancing pays off when the interest savings exceed the penalty to break your mortgage plus new costs. Calculate the break-even before deciding.