Mortgage Refinance Calculator
Calculate your monthly savings and break-even timeline from refinancing your Canadian mortgage.
Canadian Mortgage Calculator
Enter your details to see your monthly payment, total interest, and full amortization schedule.
Minimum 5% for homes under $500k
When Does Refinancing Make Sense?
Refinancing makes financial sense when your interest savings over the remaining term exceed your break penalty and refinancing costs. A rule of thumb: if your new rate is 0.5%+ lower and you plan to stay in the home 2+ more years, refinancing often makes sense.
Frequently Asked Questions
What does it cost to refinance a mortgage in Canada?
Refinancing costs include: mortgage break penalty ($0–$30,000+), legal/notary fees ($800–$1,500), appraisal fee ($300–$600), and sometimes new CMHC insurance if your equity has changed.
What is the break-even period for refinancing?
The break-even period is how long it takes for your monthly savings to offset your refinancing costs. If refinancing costs $6,000 and saves $200/month, your break-even is 30 months.