Mortgage Renewal
Savings Calculator
See exactly how much you could save by switching lenders at renewal. Enter your numbers below for an instant estimate.
Your Mortgage Details
At renewal, switching is usually $0–500 (no discharge penalty). Refinancing mid-term: $3K–8K.
Monthly Payment Comparison
Your Potential Savings
Monthly Savings
$220.95
Annual Savings
$2,651
Total over 20 years
$53,028
Break-even point
3 months
Lock In Your Rate
These are your potential savings. Schedule a consultation with Deane to lock in your rate.
Want the full picture?
Read the complete Alberta Mortgage Renewal Guide →
How This Calculator Works
Monthly Payment Formula
Uses standard Canadian mortgage amortization: P × [r(1+r)^n / ((1+r)^n−1)], with monthly compounding.
Switch Cost Note
At renewal (end of term), switching lenders is typically free or minimal ($0–500). Mid-term refinancing carries a penalty ($3K–8K). Default is $500.
Disclaimer
Estimates only — for illustrative purposes. Actual savings depend on your specific mortgage terms. Contact Deane for a precise rate comparison.