Thinking of breaking your mortgage for a lower rate? Compare your current payment with the new one, estimate the penalty, and find the break-even month — the point where the monthly savings have paid back everything refinancing cost you.
Your new payment is lower for one or both of two reasons: a lower rate, or a longer amortization spreading the same balance over more years. Only the rate part is a true saving — stretching the amortization lowers the payment but can raise your total interest, which is why this calculator shows both paths' total interest side by side.
The break-even month is (penalty + other costs) ÷ monthly savings. If you'll keep the new mortgage at least that long, the switch pays for itself; sell or break again before then and it likely cost you money. All payments here use Canadian semi-annual compounding, the same as the rest of this site.
How much home you can afford on your salary — GDS/TDS limits, qualified at the stress-test rate like a lender does.
Open calculator →Your exact payment with Canadian semi-annual compounding, all frequencies, CMHC insurance and a full amortization schedule.
Open calculator →Your qualifying rate, the payment you're actually tested on, and a clear pass/fail under the federal B-20 rules.
Open calculator →Rent or buy in the GTA? The true net cost of each — land transfer tax and CMHC included — over your time horizon.
Open calculator →Ontario + Toronto land transfer tax, first-time buyer rebates, minimum down payment and CMHC premium in one estimate.
Open calculator →Extra monthly payments or a lump sum: interest saved, time cut off, and your new mortgage-free date.
Open calculator →Every cash cost at closing in Ontario: land transfer tax, legal, appraisal, inspection, and the total cash you need.
Open calculator →First Home Savings Account: $8,000/yr up to $40,000, tax refunds, growth, and your total down payment fund.
Open calculator →Withdraw up to $60,000 from your RRSP tax-free — and see the exact 15-year repayment schedule.
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