Offer A
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Compare renewal offers by total term cost, not just the payment.
A Canadian mortgage renewal offer should be compared by term interest plus net fees after cashback, not by the smallest payment alone. The analyzer only declares a lowest-cost offer when term lengths and comparison balances match.
Enter the shared renewal position once. Each offer below starts from this balance unless it includes additional borrowing.
Use the compounding frequency shown in your renewal offer or mortgage commitment. Do not guess based only on whether the rate is fixed or variable.
Offer A
Offer B
Total term cost means interest during the selected term plus net switching cost. Principal paid is shown separately because it reduces your ending balance.
Lowest total cost
Switch offer
$91,834.39
| Offer | Payment | Current vs new | Total payments | Interest | Principal paid | Ending balance | Net switch cost | Total term cost | Vs cheapest |
|---|---|---|---|---|---|---|---|---|---|
Current lender renewal 4.89% fixed, 5 yr term · Semi-annually | $2,767.60 Monthly | $117.60 | $166,055.81 | $94,728.13 | $71,327.68 | $353,672.32 | $0.00 | $94,728.13 | +$2,893.74 |
Switch offer 4.69% fixed, 5 yr term · Semi-annually | $2,722.10 Monthly | $72.10 | $163,325.81 | $90,739.39 | $72,586.43 | $352,413.57 | $1,095.00 | $91,834.39 | Lowest total cost |
Need a full amortization view? Open the Canadian mortgage calculator.
Published: 2026-07-29 · Verified: July 29, 2026 · Author: usecos.app Research & Engineering
These examples are generated from the shipped renewal engine, not duplicated hand math. The comparison uses a $425,000 balance, a five-year term, and different amortization, rate, compounding, fee and cashback assumptions.
| Offer | Payment | Interest | Principal paid | Ending balance | Net switching cost | Total term cost |
|---|---|---|---|---|---|---|
| Current lender | $2,767.60 | $94,728.13 | $71,327.68 | $353,672.32 | $0.00 | $94,728.13 |
| Switch offerLowest cost | $2,722.10 | $90,739.39 | $72,586.43 | $352,413.57 | $1,095.00 | $91,834.39 |
| Lower payment offer | $2,481.51 | $100,283.42 | $48,607.04 | $376,392.96 | $0.00 | $100,283.42 |
Use the compounding frequency shown in your renewal offer or mortgage commitment. If you choose Not sure, the analyzer uses semi-annual compounding as a disclosed estimate. Variable-rate offers are estimated as if the entered rate stays constant through the selected term.
FCAC says federally regulated lenders must provide a renewal statement before the end of the term. It should include the balance, rate, payment frequency, term, and charges or fees.
Changing lenders can involve setup, discharge, registration, transfer, assignment, appraisal and administration fees. Ask whether the new lender covers any of them and whether cashback has repayment conditions.
OSFI does not expect federally regulated lenders to apply the prescribed MQR to uninsured straight switches at renewal when the loan amount and amortization do not increase.
Extending amortization can lower the payment, but it can increase interest over time. Review ending balance and interest together.
Verified July 29, 2026. The analyzer is an estimate and is not mortgage advice, lender approval, legal advice or a broker referral. Confirm penalties, fees, prepayment rules, portability and collateral-charge details with your lender, broker or lawyer.