What happens when a mortgage renews?
Your term ends, but the mortgage does not. The remaining balance continues with a new rate and term, while the amortization carries on from where it is today.
Mortgage renewal review
Know your renewal. Know your options.
One renewal check shows
The renewal review shows your estimated payment today, current public Big 5 rates, how your payment could change and how a renewal offer compares.Three details. One clear answer.
Your mortgage today
Use the figures from your latest mortgage statement or renewal letter. Your details stay in this browser and are never shared.
Four details. One clearer number.
Estimate your real monthly home cost
Before you renew
Why compare rates before renewing
Renewal is one of the few moments to review your mortgage without buying a home. Knowing the payment at today's public rates helps you read a renewal offer with context, before you sign.
How does a higher or lower rate change my payment?
A higher rate means more of each payment goes to interest, so the payment rises to stay on schedule. A lower rate does the opposite.
Should I compare my lender's renewal offer?
Comparing helps you understand where an offer sits against public rates. Published rates can carry conditions, so confirm details with the lender.
What does remaining amortization mean?
It is the time left to repay the whole mortgage if payments stay on schedule. It is usually longer than the term and appears on your mortgage statement.
Mortgage renewal questions
Understand your renewal
What is a mortgage renewal?
At the end of a mortgage term, the remaining balance is renewed for a new term at a new rate. The lender usually sends a renewal offer, and you can also compare what other lenders publish.
How is my renewal payment calculated?
Morteller spreads your remaining balance over your remaining amortization at the renewal rate, using Canadian mortgage compounding. Your current payment is estimated the same way at your current rate.
Can I compare my lender's renewal offer?
Yes. Add the offered rate, term and rate type to see the estimated payment and how it compares with comparable public Big 5 rates currently available in Morteller.
Does Morteller guarantee I can obtain a displayed rate?
No. Morteller is not affiliated with any lender. The initial option uses the lowest estimated monthly payment among exact matching active products stored in Morteller. Published rates may have conditions, and actual rates and eligibility vary by lender and borrower. Morteller shows planning estimates, not offers or approvals.
Why can my payment increase even when my mortgage balance is lower?
Your payment depends on the rate as well as the balance. If the renewal rate is higher than the rate you have today, the payment can rise even though you owe less.