$500,000 mortgage renewal calculator (Canada)
Renewing a $500,000 mortgage? Even a small rate difference translates into thousands over a 5-year term. This calculator is pre-filled with a $500,000 balance — enter your bank's renewal offer and compare against today's lowest Canadian market rate. Today's lowest advertised Canadian mortgage rate is 4.29% (5-year fixed) — refreshed weekly.
Slide, type, or tap any value below — your monthly payment and 5-year savings update instantly.
Poor — your bank is charging you a significant premium.
Frequently asked
How much does a 0.5% rate difference cost on a $500,000 mortgage?
On a $500,000 balance amortized over 25 years, a 0.50% higher rate adds roughly 13K in interest over a 5-year term and $204 per month in payment. That's real money that switching or negotiating can recapture.
Is it worth switching lenders on a $500,000 mortgage at renewal?
Almost always. On $500,000, a 0.30% better rate saves $8K+ over five years. Total switching costs (appraisal, discharge, legal) usually run $300–$1,500 — a fraction of the savings.
Do I need a broker for a $500,000 renewal?
Not required, but usually worth it. A broker shops 30–70 lenders in one application, has access to broker-channel rates the banks don't publish, and is paid by the lender — not you. On a $500,000 balance, the rate spread a broker uncovers typically dwarfs any effort saved by staying with your bank.