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.