Calgary Mortgage Renewal Calculator
Quick Answer
At renewal, you can switch lenders with no penalty. Compare your current rate to the best available rates — even a 0.50% difference on a $380,000 balance saves roughly $1,900 per year. Never auto-renew without checking the market.
Calculator
Monthly Savings
$205.06
💡 What This Means for You
At renewal, there's no penalty to switch lenders. A 1.00% rate drop saves you $205.06/month — that's $12,304 over your 5-year term. Don't just auto-renew — shop around.
How It Works
When your mortgage term ends, you can renew with your current lender or switch to a new one — no penalty applies. Your lender will send a renewal offer, but it's almost never the best rate available.
Shopping around at renewal is the single easiest way to save money on your mortgage. A mortgage broker can negotiate rates 0.5%–1.0% below what your bank first offers.
Real Calgary Scenarios
Small Improvement
5.29% → 4.89%
$82.36
/month saved
Good Negotiation
5.49% → 4.49%
$205.06
/month saved
Rate Drop
6.29% → 4.29%
$414.95
/month saved
Frequently Asked Questions
Can I switch lenders at renewal without a penalty?
Yes. At the end of your mortgage term, you can move to any lender with no penalty. The new lender handles the transfer process.
Should I take a short or long term at renewal?
It depends on rate expectations. A 5-year fixed gives certainty. A shorter term (1–3 years) or variable can save money if rates drop, but carries risk if rates rise.
When should I start shopping for renewal?
Start 120 days (4 months) before your renewal date. Many lenders offer rate holds of 90–120 days, so you can lock in a rate early while continuing to shop.
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