Should I refinance my mortgage?
Enter what the home is worth, what you owe and the rate you pay now, then the new rate, amortization and any cash you want to take out. Add the penalty from your lender, or estimate it with the penalty calculator.
Your estimate
What the calculator assumes.
80% limit. Without mortgage insurance, everything borrowed against the home cannot pass 80% of its value. Source: OSFI Guideline B-20. Lenders can set a lower limit.
Costs. The penalty and fees are added to the new mortgage. To estimate the penalty, use the mortgage penalty calculator. Refinancing at renewal usually has no penalty.
Payments. Monthly payments with semi-annual compounding. Break-even is shown for a rate switch without cash out: the costs divided by the monthly saving. Stretching the amortization lowers the payment but adds interest over the life of the loan. You will also need to pass the mortgage stress test.