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- Where
- Home price$
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How much will my payment rise at renewal?
When your term renews, the rate changes and so does your payment. Enter your current rate and the renewal offer to see the difference per month and per year.
Good news: switching lenders at maturity (same amount and amortization) no longer needs the stress test (OSFI, since Nov 2024), so a lower income can still get a lower rate.
More per month after renewal
$563
Up 26.6%, $6,759 more per year
- Monthly payment now$2,115
- Monthly payment after renewal$2,678
- Extra per year$6,759
- To keep today's paymentEven at 30 years, still $75 more/month
A rise above 15%: surveys show nearly half of homeowners struggle at this level. Compare offers early.
How much would switching lenders save? →Estimate with the same balance and remaining amortization, semi-annual compounding.
Renewal timeline and negotiation checklist
Enter your mortgage maturity date (on your renewal letter or mortgage statement) to see what to do at each step: 180, 120, 90, 30 and 7 days before, and on the day.
150 days to maturity
This is a sample date — change it to yours.
Oct 12, 2026 · 180 days before · You can do this now
Some lenders let you renew early without a penalty: ask your bank the earliest date.
Dec 11, 2026 · 120 days before
Start shopping: get 2-3 quotes and hold a rate (up to 120 days) in case rates rise.
Jan 10, 2027 · 90 days before
Take competing quotes to your bank's retention team and ask them to match or beat them. Rate first, then terms.
Mar 11, 2027 · 30 days before
Your bank's renewal letter usually arrives now. Don't just sign; compare it with your quotes.
Apr 3, 2027 · 7 days before
Final check: rate, term, prepayment privileges and how penalties work. Switching? Submit your documents now.
Apr 10, 2027
Maturity day: renewing or switching lenders has no penalty, and you can make a lump-sum prepayment penalty-free.
Downloads a calendar file; open it to add to iPhone / Android / Outlook. It stays on your device; we don't keep it.
What to say when you negotiate
- "My mortgage matures in [month]. I have a 5-year fixed offer at [Y]%. Can you match it?"
- "Besides the rate, can you give me higher prepayment privileges (20%+ a year)?"
- "If I sell later, is the mortgage portable? Is the penalty 3 months' interest or IRD?"
- "Will you cover the legal and appraisal fees for switching?"
- "I'd like to pay down [Z] dollars of principal at renewal."
General practice; lenders' rules differ. Renewal offers mailed at maturity are often not the lowest, so comparing usually saves real money.