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.
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.
<iframe src="https://www.fairrate.online/ca/renewal-gap-calculator/embed" width="100%" height="620" frameborder="0" style="border-radius:12px; max-width:640px;" title="Canadian Mortgage Renewal Gap Calculator — Powered by FairRate" ></iframe>
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.
Related tools
Regulatory Disclaimer: FairRate Canada is an independent consumer-paid mortgage renewal rate-checking report. We are not a mortgage broker, lender, brokerage, or rate marketplace. We do not arrange mortgages, sell leads, collect lender commissions, or receive referral fees of any kind. We are not licensed under any provincial mortgage brokering legislation, including the Mortgage Brokerages, Lenders and Administrators Act (Ontario) or equivalent provincial statutes. Rate context uses public Canadian mortgage-rate data and Bank of Canada published data. Results do not represent a guaranteed rate, a rate offer, lender approval, or financial advice. Always consult a licensed mortgage professional before making any mortgage decision.