Mortgage Decisions

Mortgage Renewal Optimizer

Mortgage renewal is about more than locking in a new rate. It’s a chance to reset your payment, amortization, and long-term strategy based on where your family is today.

  • See how different amortizations affect your monthly payment.
  • Understand the interest trade-offs of each option.
  • Compare how long each path takes to become mortgage-free.

Want to explore further? Try the Mortgage Booster, compare priorities in Mortgage vs Investing, or see everything together in your Family Finance Snapshot.

1. Your Mortgage at Renewal

Optional renewal scenarios

These scenarios are for planning only and do not account for penalties, qualification rules, or lender restrictions.

* This tool is for educational purposes only and does not provide personalized mortgage or lending advice.

2. Your Renewal Picture

Enter your details to compare renewal strategies.

Monthly payment

💳 Keep amortization
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🚀 Shorten amortization
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🧘 Extend amortization
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Total interest remaining

📈 Keep amortization
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🌱 Shorten amortization
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⚖️ Extend amortization
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Enter your details to compare how different renewal paths affect your mortgage.

Once your renewal choice is set, explore how extra payments could accelerate your plan with the Mortgage Booster.

How mortgage renewal works in Canada

In Canada, a mortgage renewal happens when your current mortgage term ends, but you still have a balance remaining. You’re not reapplying for a mortgage or buying a new home — you’re simply choosing a new interest rate, term, and potentially adjusting your amortization.

Most lenders send renewal offers 30 to 90 days before your term ends. These offers are convenient, but they’re also a moment where small changes can have long-term consequences.

Does changing amortization at renewal matter?

Yes — changing your amortization at renewal can meaningfully affect both your monthly payment and the total interest you’ll pay over time.

  • Shortening amortization increases your monthly payment but reduces total interest and gets you mortgage-free sooner.
  • Extending amortization lowers monthly payments and eases cash flow, but increases long-term interest costs.

Many families adjust amortization at renewal to reflect life changes — childcare costs, income growth, or a desire to reduce financial pressure during certain years.

Common mortgage renewal mistakes

  • Accepting the lender’s first offer without comparing options or scenarios.
  • Focusing only on the interest rate while ignoring amortization and total interest paid.
  • Extending amortization for relief without understanding the long-term cost.
  • Renewing on autopilot instead of aligning the mortgage with current goals.

Renewal is one of the few moments where you can meaningfully reshape your mortgage without penalties. Taking time to compare paths can make a significant difference over the remaining life of the loan.