Mortgage Renewal Payment Shock Calculator
Renewing from a pandemic-era rate? See exactly what your monthly payment jumps to — and what your options are if the number doesn’t work.
Renewal payment shock calculator
Your balance at today’s rate vs. the renewal rate — the monthly jump, in real dollars.
Estimates use monthly compounding; Canadian lenders quote semi-annual compounding, so actual payments vary slightly. Renewal unaffordable or declined? 1-866-329-8801.
Frequently Asked Questions
How much will my mortgage payment go up at renewal?
It depends on your balance, remaining amortization and the rate spread. A $450,000 balance renewing from 2.79% to 5.5% over 20 years jumps roughly $640 a month — run your own numbers above.
What happens if I can’t afford my mortgage renewal payment?
You have more options than the renewal letter suggests: re-extending the amortization to 25–30 years, consolidating card and loan debt into the renewal so the household total drops, or moving the file to a B lender that prices your situation properly. Signing an unaffordable renewal and falling behind is the one outcome to avoid.
Can my bank refuse to renew my mortgage?
Yes — renewal is not automatic. Missed payments, bruised credit, or changed income can all trigger a non-renewal notice. You cannot be forced out overnight: B and private lenders take declined-renewal files every week, and starting early keeps the pricing reasonable.
Do I have to pass the stress test again at renewal?
Not if you renew with your current lender. And since November 2024, a straight switch to another federally regulated lender is also stress-test-free — for both insured and uninsured mortgages — as long as the loan amount and amortization don’t increase. Refinancing with new money is where full requalification applies.
Can I extend my amortization at renewal to lower my payment?
Often yes — if you’ve got equity, re-amortizing from 18 remaining years back to 25 or 30 can offset most of a rate jump. It costs more interest over time, but it keeps the payment survivable, and you can shorten it again when rates or income improve.
When should I start working on my renewal?
About 180 days out. That’s when rate holds begin, when switching is cheapest, and when a bruised-credit file has time to be packaged properly instead of rushed.
Want your real numbers, not estimates?
One call gets you an actual range for your property and situation — before any credit check.
📞 1-866-329-8801
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Parm Mehmi, Principal Broker · FSRA #13163 | FCAA #511322 · Licensed in Ontario, Alberta & Saskatchewan
Planning estimates only — not financial, lending or legal advice. Lender terms vary; appraisals and payout statements govern actual figures.
See What This Looks Like in Your City
These numbers are estimates. What you can actually borrow depends on an appraisal of your property and the lenders active in your market. Pick your city for local figures, or call and we will run it with you.
Ontario
Alberta
How much will your mortgage payment rise at renewal?
The formula
Payment shock = payment at your renewal rate − payment at your current rate, over the amortization remaining
Worked example
A $450,000 balance with 20 years left, moving from 2.49% to 4.79%, goes from roughly $2,382 a month to roughly $2,918 — an increase of about $536 a month.
Worth knowing: Canada’s prime rate is 4.45% as of August 2026. Renewals from the 2020–2021 rate era are still repricing upward.
Figures verified August 2026. Estimates only — your actual terms depend on your file.