My situation
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- Where
- Home price$
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Renew / switch savings
Renewal coming up and the offer isn't great? See what switching lenders saves after penalties and costs.
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.
Net savings over 5 years
-$5,552
- Monthly payment now$2,465
- Monthly at the new rate$2,521
- Monthly savings-$55
- Interest saved over 5 years-$4,752
- Less penalty and costs− $800
It doesn't pay off now — consider waiting until maturity, or talk to an advisor.
Estimate comparing the same balance and remaining amortization, semi-annual compounding. Sample rates are subject to lender approval.