Monthly payment
Compare the payment you can manage now with the payment that keeps your renewal affordable over the full term.
Mortgage renewal decision guide
Understand your mortgage
renewal options
before you sign.
The difference between renewal offers can mean thousands of dollars. Compare payments, interest, prepayment flexibility, penalty exposure, and long-term cost before choosing a path. RenewalIQ helps you model those tradeoffs using your own numbers.
Canadian semi-annual compounding
No broker referrals, ever
Private - all data on device
When you're ready to model your own numbers, RenewalIQ is available for iOS and Android.
Before you sign
Compare the offer, not just the rate.
A renewal decision can change cash flow, interest cost, penalty risk, and flexibility for years.
$1,250 approximate 5-year interest difference from a 0.05% rate gap on a $500K mortgage
Payment Can you carry it?
Interest What is the term cost?
Penalties What if you break early?
Flexibility Can you prepay or switch?
The renewal wave
~$900B in Canadian mortgages
~$900B in Canadian mortgages
are renewing at rates 2–3× higher
than when they were written.
Homeowners who locked in at 1.5–2.5% in 2020–2022 now face renewals at 4.5–5.5%. On a $500K mortgage that's over $1,000 more per month. Which term you choose, whether you prepay, whether you switch lenders — these decisions compound over years.
Bank calculators are designed to make their own offer look best. Rate-comparison sites are lead-generation funnels. RenewalIQ is neither — it's an independent app that helps you compare your own renewal options before you talk to your lender.
$900B+
in Canadian mortgages renewing by end of 2027
~$1,100
typical monthly payment increase on a $500K renewal at today's rates
3+
offers can be compared side by side before you call your lender back
Renewal Education
Mortgage renewal articles
Understand your mortgage before you renew.
Should You Make Extra Mortgage Payments Before Renewal? A Canadian Prepayment Strategy Guide
Making extra mortgage payments can save thousands in interest - but not always. Learn when lump-sum payments and increased monthly payments make sense before renewing your mortgage.
Read
1-Year vs 3-Year vs 5-Year Mortgage: How to Choose Your Term at Renewal
Most homeowners pick a term based on rate alone. That's the wrong input. Here's how to compare 1, 3, and 5-year terms by total cost — and what Canada's current rate environment means for your renewal decision.
Read
Switching Mortgage Lenders at Renewal in Canada
Yes, you can switch mortgage lenders at renewal in Canada. Covers what changes, transfer costs, stress test rules, and how to compare staying versus switching before your maturity date.
Read
Decision framework
What should you compare before renewing?
A good renewal decision is not just the lowest advertised rate. It is the offer that fits your payment, risk, flexibility, and long-term cost.
Total interest cost
Look beyond the monthly number. A slightly lower payment can still cost more if the term, rate, or amortization tradeoff is wrong.
Fixed vs variable risk
Model what has to happen to future rates before a variable path beats a fixed offer, or before fixed becomes the safer choice.
Prepayment flexibility
Check whether using savings before or during the term meaningfully lowers interest without weakening your emergency cushion.
Penalty exposure
Understand how IRD and three-month-interest penalties could affect a switch, refinance, move, or early break decision.
Switching costs
Account for discharge fees, appraisal costs, legal work, cash-back clawbacks, and the effort of moving lenders.
Long-term affordability
Consider your renewal as a multi-year commitment, not just a rate quote. Balance cash flow, flexibility, and future renewal risk.
RenewalIQ helps you compare these tradeoffs with your own mortgage numbers.
How it works
From renewal notice to confident decision.
A simple process for turning lender quotes into a decision you can explain.
01
Gather your renewal baseline
Start with your current balance, payment, amortization remaining, renewal date, and the rate you have today.
02
Compare real lender options
Put your bank offer beside broker, credit union, or competing lender quotes so each option is judged on the same terms.
03
Understand the tradeoffs
Look at payment, total interest, end balance, term risk, prepayments, and penalty exposure before choosing a path.
04
Use the analysis in the lender conversation
Bring clear numbers back to your lender or broker, ask better questions, and negotiate from a prepared position.
Features
Every tool your renewal decision needs.
RenewalIQ answers decisions, not just arithmetic. Download the app, enter your own numbers, and see how each renewal path changes payment, interest, balance, and flexibility.
App tool
Scenario Comparison
Save unlimited named scenarios — bank offer, broker quote, credit union rate. Compare total interest, monthly payment, and end-of-term balance in a single table.
App tool
Prepayment Calculator
Model a lump-sum prepayment before renewal. See the exact payment reduction, interest saved over the term, and total lifetime savings — before you deploy cash.
Included
Term Analyzer
Enter rates for 1, 2, 3, and 5-year terms. RenewalIQ calculates the total cost of each path — including what you'll still owe when shorter terms renew again.
App tool
Penalty Estimator
Thinking of breaking early? Estimate whether IRD or 3-months interest applies — so you can decide if switching makes financial sense before calling your lender.
App tool
Variable vs Fixed Breakeven
Get one clear answer: "Fixed wins if variable averages above X% over the term." Model Bank of Canada rate scenarios and see which option wins under each path.
Included
Payment Frequency Comparison
See exactly how much accelerated bi-weekly payments save vs monthly — in years off your amortization and dollars of total interest. The math surprises most people.
App tool
Renewal Summary PDF
Export a one-page PDF of your analysis — branded, clean, and designed to bring to a lender or broker meeting. Show them you've done the math.
Included
Renewal Reminders
Set local notifications at 90, 60, and 30 days before your renewal date. No account required — reminders run entirely on your phone.
App access
Start with your numbers, not a sales call.
RenewalIQ is free to download. Use the app to see whether its renewal modeling helps before you decide what depth of analysis you need.
Download
Free
Install the app and start with a real renewal scenario.
- Enter your current mortgage
- Build a first renewal scenario
- See payment, interest, and end balance
- Compare the offer in front of you
- Keep your data on device
Model
Compare
Build scenarios, test assumptions, and prepare for the lender conversation.
- Save and compare named scenarios
- Compare multiple lender or broker quotes
- Model prepayments and payment frequency
- Estimate IRD and three-month-interest penalties
- Export a renewal summary for the lender conversation
App access decisions happen through App Store or Google Play. No account required.
The math: a 0.05% better rate on a $500K mortgage over 5 years is roughly $1,250 of interest difference. The app helps you find and understand those gaps before the renewal conversation.
Common questions
Everything you need to know.
Still have questions? The app includes tooltips and educational popovers for every calculation — so you understand not just the number, but where it came from.
Download RenewalIQIs RenewalIQ available now?
Yes — RenewalIQ is available now on the Canadian App Store and Google Play. Download it for free and start modeling your renewal scenarios right away. The free tier lets you run calculations immediately with no account required.
What is the best mortgage renewal calculator in Canada?
The best mortgage renewal calculator for a Canadian homeowner should compare multiple offers side by side, use Canadian semi-annual compounding, show total interest and end balance, and account for prepayments, payment frequency, fixed vs variable tradeoffs, and potential penalties. RenewalIQ is built specifically for that renewal decision.
What makes RenewalIQ a mortgage renewal optimizer?
A basic calculator usually stops at a payment amount. RenewalIQ is built around the whole Canadian renewal decision: compare quoted lender offers, model term lengths, estimate total interest, test payment frequency and prepayment choices, and understand possible penalties before you sign.
Can I use RenewalIQ before I have a final renewal offer?
Yes. You can enter expected rates or early quotes to understand the tradeoffs, then update the scenarios when your bank, broker, or credit union gives you actual numbers. RenewalIQ does not recommend a lender or guarantee a rate; it helps you compare the offers you enter.
Why not just use my bank's mortgage calculator?
Bank calculators are designed to showcase their own products. They don't let you compare competing offers side by side, they don't model prepayments or penalty estimates, and they don't tell you which term wins. RenewalIQ has no financial relationship with any lender — it works for you.
How accurate are the calculations?
All math follows Canadian mortgage standards — specifically, nominal rates compounded semi-annually as required by the Interest Act (Canada), Section 6. This is the key difference from US mortgage calculators, which compound monthly. The results are estimation-grade: accurate enough for confident decision-making, but you should confirm specific figures (especially IRD penalties) directly with your lender.
Does RenewalIQ connect to my bank or pull live rates?
No, and intentionally so. You enter rates manually from quotes you've received. This avoids any scraping risk, keeps the app working forever regardless of what banks change on their websites, and reflects how renewal conversations actually work — you have a quote in hand. There is no backend, no account, and no data leaves your phone.
Does the app give mortgage advice?
No. RenewalIQ provides estimation tools and educational context for Canadian homeowners. It does not provide regulated mortgage advice, recommend a specific lender, or replace a licensed mortgage professional. Confirm lender-specific figures, especially payout penalties, before making a decision.
What's the difference between IRD and 3-months interest?
Both are penalty types for breaking a fixed-rate mortgage early. 3-months interest is simple: three months of interest on your remaining balance. IRD (Interest Rate Differential) is the difference between your contract rate and the lender's current rate for a comparable term, applied over the remaining months. Your lender charges whichever is higher — which is almost always IRD in a rising-rate environment and 3MI in a falling-rate environment. For variable-rate mortgages, the penalty is typically just 3 months interest.
Is there a subscription?
No. RenewalIQ is not a subscription app. It is free to download, and any optional in-app access is handled through the App Store or Google Play. The website is here to explain the renewal decision and help you decide whether the app is useful before you model your own scenarios.
Does it work for variable-rate mortgages?
Yes. When building a scenario, you can specify whether the rate is fixed or variable. The penalty estimator correctly applies the 3-months interest rule for variable-rate mortgages. The Variable vs Fixed Breakeven tool is specifically designed to model the trade-off between a variable rate today and a fixed rate — it shows you the average variable rate at which fixed becomes cheaper.
How is RenewalIQ different from CVCalculator.ca?
CVCalculator.ca is a commuted-value calculator for defined-benefit pensions — it helps you decide whether to take a lump-sum commuted value or keep your monthly pension. RenewalIQ is a mortgage renewal optimizer. They're separate tools for separate decisions, built by the same developer with the same philosophy: Canadian-specific math, privacy, and no conflicts of interest.
Available now
RenewalIQ is live on App Store and Google Play.
Start optimizing your mortgage renewal today — free to download, no account required, all calculations on your device.
- Free tier available — run calculations instantly.
- Compare renewal scenarios in the app before you call your lender.
- No data leaves your phone. No account. No backend.
RenewalIQ Mortgage Renewal Optimizer
Live
Free to download
Private on device
iOS + Android supported
Download on the App Store
Get it on Google Play App Store and Google Play · Private on device · No account
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Also from us
Planning a pension decision too?
CVCalculator.ca is a separate Canadian pension commuted-value calculator from the same developer. It is here as a companion resource, not the main path for mortgage renewal planning.