FFundPath

Free Canadian planning tool

Mortgage refinance calculator

Estimate your potential new mortgage payment, monthly cash-flow change, remaining equity and the time required to recover estimated refinancing costs.

No registrationRuns in your browserEducational estimate

Your scenario

Compare your current and proposed mortgage

Example values are pre-filled. Replace them with your estimates; they are not current offers or quoted rates.

Property and current mortgage

Proposed refinance

Estimated refinancing costs

Free homeowner resource

Get the Mortgage Refinance Readiness Kit

Organize the numbers and documents a homeowner should review before comparing refinancing options.

  • Mortgage penalty and cost worksheet
  • Home equity and debt snapshot
  • Document preparation checklist
  • Ten questions to ask a refinancing provider

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Enter your information to receive the four-page educational PDF.

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Educational information only—not a mortgage quote or approval.

Understanding the estimate

What this mortgage refinancing calculator tells you

The calculator compares an estimated current mortgage payment with an estimated refinanced payment. When you include monthly payments that may be replaced through debt consolidation, it also shows the potential change in monthly cash flow.

The result is not the same as total savings. A longer amortization can reduce the monthly payment while increasing total interest over time. Compare the full borrowing cost, not only the payment.

How the calculation works

Monthly mortgage payments are estimated using Canadian-style nominal annual interest compounded semi-annually, converted to an equivalent monthly rate. The calculator assumes monthly payments and does not account for every lender-specific calculation.

Information to confirm with your lender

  • Your exact mortgage payout balance
  • The prepayment penalty or discharge cost
  • Legal, appraisal and administrative fees
  • Whether costs will be paid upfront or added to the mortgage
  • The new rate, term and amortization available to you

Questions homeowners ask

Mortgage refinancing calculator FAQ

What does the calculator estimate?

It estimates mortgage payments, monthly cash-flow change, property equity, loan-to-value ratio and a simple cost-recovery period using your inputs. It does not determine qualification.

Does a lower monthly payment mean I save money?

Not necessarily. Extending the amortization may lower the payment but increase total interest. Compare total costs and ask the provider for an amortization schedule.

What refinancing costs should I include?

Include the lender's estimated prepayment penalty plus expected legal, appraisal, discharge and administrative costs. Ask the lender and provider for exact figures.

How is equity calculated?

The tool subtracts the proposed mortgage balance from your estimated property value. A provider may use a professional appraisal and different lending limits.

Continue researching

Make the comparison with verified numbers

Read the refinancing guide, confirm your penalty, and then explore provider-controlled options.

Read the Canadian mortgage refinancing guide →Compare all FundPath financing categories →