Discover your potential savings, new monthly payment, and break-even timeline before you refinance. Make data-driven decisions — no guesswork.
| Current Mortgage | After Refinancing | |
|---|---|---|
| Interest Rate | — | — |
| Monthly Payment | — | — |
| Remaining Principal | — | — |
| Loan Term Remaining | — | — |
| Total Interest (remaining) | — | — |
Refinancing can be a powerful financial tool — but timing matters. A general rule of thumb is to refinance when you can reduce your interest rate by at least 0.5% to 1%, and when you plan to stay in your home long enough to pass the break-even point.
In Canada, you may also need to qualify under the federal mortgage stress test at the higher of your new contract rate plus 2% or 5.25%, even when switching lenders. Factor in any prepayment penalties from your current lender — these can range from 3 months' interest on a variable-rate mortgage to an Interest Rate Differential (IRD) penalty on a fixed-rate mortgage.
Run the numbers before you buy, sell, or invest — estimate payments, taxes, affordability, and potential returns in seconds.