How the Mortgage Renewal Calculator works
Estimate payment changes at mortgage renewal. Adjust the inputs above, then use the calculate button to generate a fresh estimate based on the numbers you entered.
The result is designed to give you a quick planning number, plus a short breakdown of the major figures behind it. You can reset the form at any time and try a different scenario.
When to use this calculator
Use this mortgage renewal calculator to estimate how your payment could change when your current mortgage term ends. It is useful for comparing your current rate with a renewal offer and preparing your budget before the new term starts.
Formula
Payment change = renewal payment - current payment
- Mortgage balance is the amount being renewed.
- Current rate estimates your existing payment.
- Renewal rate and remaining amortization estimate the new payment.
Worked example
For a $350,000 balance with 20 years remaining, moving from 3.5% to 5% can increase the estimated monthly payment. The calculator shows the payment difference.
Common mistakes
- Waiting until the renewal date to compare options.
- Comparing only the rate and ignoring payment flexibility or penalties.
- Using the original amortization instead of the remaining amortization.
FAQs
When should I start reviewing renewal options?
Many borrowers start several months before renewal so they have time to compare offers.
Does a higher renewal rate always mean a higher payment?
Usually, unless the amortization, payment structure or other terms also change.
Can I change lenders at renewal?
Often yes, but qualification, fees and timing may apply.