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Discover your potential savings, new monthly payment, and break-even timeline before you refinance. Make data-driven decisions — no guesswork.
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| Current Mortgage | After Refinancing | |
|---|---|---|
| Interest Rate | — | — |
| Monthly Payment | — | — |
| Remaining Principal | — | — |
| Loan Term Remaining | — | — |
| Total Interest (remaining) | — | — |
Refinancing can be a powerful financial tool — but timing matters. A general rule of thumb is to refinance when you can reduce your interest rate by at least 0.5% to 1%, and when you plan to stay in your home long enough to pass the break-even point.
In Canada, you may also need to qualify under the federal mortgage stress test at the higher of your new contract rate plus 2% or 5.25%, even when switching lenders. Factor in any prepayment penalties from your current lender — these can range from 3 months' interest on a variable-rate mortgage to an Interest Rate Differential (IRD) penalty on a fixed-rate mortgage.
Run the numbers before you buy, sell, or invest — estimate payments, taxes, affordability, and potential returns in seconds.
Refinancing pays off when the interest you save over your new term is greater than the prepayment penalty and fees you pay to break your current mortgage. Enter your balance, rates and penalty to see the monthly savings and how many months it takes to break even.
The calculator compares your current payment with the new one at the new rate, subtracts the penalty (the greater of three months' interest or the interest rate differential on a fixed mortgage) and legal and appraisal fees, then divides by the monthly saving to find the break-even point. If you take equity out, the larger balance is included.
Reviewed November 2026 by the mortgage team at Top Mortgages Inc. Figures are estimates for general information. They are not a quote, an approval or financial advice, and lenders set their own final terms.
Variable-rate mortgages usually cost three months of interest. Fixed-rate mortgages cost the greater of three months of interest or the interest rate differential (IRD), which can be much higher at the big banks.
When the savings over your remaining term exceed the penalty and fees, or when you need to consolidate high-interest debt or take out equity at a lower rate than you pay now.
Most lenders allow a refinance up to 80% of your home's appraised value.
Often yes: at renewal there is no penalty, and you can switch lenders without breaking the term.
A calculator gives an estimate. A licensed mortgage professional can tell you what you actually qualify for, at no cost, and your credit is not checked to start.
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