What RenewalIQ compares
A renewal offer is more than a rate. The real decision depends on the term, amortization remaining, payment frequency, prepayment strategy, penalty exposure, and whether a lower payment today leaves you with a higher balance later.
- Monthly, bi-weekly, accelerated bi-weekly, and weekly payment options
- Total interest over the selected term
- Estimated balance at the end of the term
- Fixed versus variable breakeven rate
- Prepayment and lump-sum scenarios
- IRD and three-month-interest penalty estimates
Why Canadian compounding matters
Canadian fixed-rate mortgage calculations use nominal annual rates compounded semi-annually. RenewalIQ converts that quoted rate into the equivalent payment rate used for monthly or accelerated payments.
Equivalent monthly rate
i = (1 + r / 2)^(1 / 6) - 1 When to use it
Use RenewalIQ when your mortgage is within 12 months of maturity, when a lender sends a renewal offer, or when you want to compare offers from your existing bank, a broker, and another lender on the same basis.