Free Mortgage Renewal Gap Calculator
Enter your balance, your quoted renewal rate, a comparison rate, and your term. The calculator estimates how much the rate difference could cost over your renewal period — before fees, penalties, or switching costs.
Renewal gap calculator
Estimate how much a rate difference could cost over your renewal term.
Want a second opinion before you sign?
This estimate is educational only. For a personalized review, order a FairRate Rate Fairness Report. We review your renewal offer, compare it against available market information, and explain whether the gap appears reasonable before you commit.
Already renewed? Share your anonymous renewal outcome.
Embed this calculator on your site
Finance bloggers, mortgage educators, real estate agents, and newsletter owners can embed this calculator for free. It is educational, carries no lender affiliation, and is clearly labelled as powered by FairRate.
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No account required. No data sold. Embed on any Canadian personal finance, real estate, or mortgage education site. Contact FairRate for a custom embed or partner arrangement.
How the calculator works
Simple estimate
The core formula is: balance × rate gap = approximate extra interest per year. This is a first-pass estimate, not a full amortization calculation.
Dollar terms, not basis points
A 0.30% rate gap sounds small. On a $600,000 mortgage over 5 years, it can represent $9,000 or more. The calculator translates the gap into dollars.
What the estimate does not include
Switching costs, prepayment penalties, compounding effects, payment frequency, and amortization differences are not captured. The full FairRate check includes those.
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Important limitation: FairRate Canada is an independent consumer-paid educational comparison and reporting product — not a lender, mortgage broker, mortgage agent, law firm, financial advisor, or mortgage underwriter. FairRate does not arrange mortgages, take applications, approve credit, or sell mortgage inquiries to lenders or brokers. The current benchmark-backed checker and paid benchmark reports support 5-year fixed renewal offers only and use fresh public 5-year fixed comparison context when a usable source is available. Broader Bank of Canada data may be used for contextual purposes. Results are not a lender quote, approval, qualification result, personalized advice, or guarantee of a lower rate or savings. Verify current rates, eligibility, fees, penalties, product terms, and switching costs with the relevant lender and, where appropriate, a licensed mortgage professional or other qualified advisor.