Mortgage Renewal Calculator for BC Homeowners

By David Reimers, Greater Vancouver REALTOR® since 2004 · Updated October 2026

If your mortgage renews in the next year or two, your monthly payment is likely to change, and for most people it will go up. The Bank of Canada estimates that about 60% of all Canadian mortgages renew in 2025 or 2026, and that five-year fixed-rate borrowers renewing in 2026 face an average payment increase of about 20%. Use the free calculator below to see your own number in about 60 seconds. You don’t need to give your email to see your result.

How the Mortgage Renewal Calculator Works

You enter three things: your remaining mortgage balance, your current interest rate and renewal date, and how many years are left on your amortization. The calculator then works out:

• your current monthly payment on that balance,
• your estimated payment at renewal at a typical current five-year fixed rate (shown under your result, and you can raise or lower it), and
• the difference per month, per year and over a five-year term.

It uses semi-annual compounding, which is how Canadian fixed-rate mortgages are calculated, and assumes the same balance and amortization at renewal. It’s an estimate. Your lender’s actual renewal offer will depend on your mortgage type, your lender and your situation.

How Much Will My Mortgage Payment Go Up at Renewal?

It depends on your balance, the rate you have now and the rate you renew at. Many homeowners locked in five-year fixed rates around 2% in 2020 and 2021. In mid-October 2026, five-year fixed rates ranged from about 4.3% for the best insured rates to about 5.2% for the big-bank average. Here’s what moving from 2.0% to 4.79% does to a mortgage with 20 years left:

October 2026 example: monthly payments, 20 years remaining, semi-annual compounding. That’s an increase of about 28% at every balance.

Your Four Options at Renewal

1. Renew with your current lender

This is the simplest option, but don’t sign the first offer without comparing it. Renewal offers aren’t always your lender’s best rate.

2. Switch to a different lender

Since November 21, 2024, homeowners who switch lenders at renewal don’t have to pass the mortgage stress test, as long as the mortgage amount and amortization stay the same. This applies to insured and uninsured mortgages that started with a federally regulated lender. The new lender still has to approve you, and there may be appraisal, legal or discharge costs.

3. Refinance

Refinancing lets you change the amount or the amortization, for example to consolidate debt or lower your payment by stretching it over more years. It means qualifying again, and stretching the amortization means paying more interest overall.

4. Sell and downsize

For some homeowners, especially those whose children have moved out or who have built up a lot of equity, renewal is a natural time to ask whether the home still fits. In September 2026, the benchmark price of a Coquitlam detached house was $1,584,400, a townhouse $976,600 and an apartment $640,100. Moving from a typical detached house to a typical townhouse frees up roughly $600,000 before selling and moving costs, which can shrink or even eliminate a mortgage.

When Selling Can Make More Sense Than Renewing

Selling isn’t right for everyone, but it’s worth running the numbers if:

• your new payment would stretch your monthly budget,
• your home is bigger than you need now,
• you have significant equity and would like less debt, or
• you were already thinking about moving in the next few years.

Timing matters. If you sell at the end of your mortgage term, you generally avoid a prepayment penalty. If you sell partway through the term, there’s usually a penalty, typically the higher of three months’ interest or the interest rate differential, unless you can port the mortgage to your next home. If selling is on your mind, it’s worth planning the sale around your renewal date.

I’m a REALTOR®, not a mortgage broker. I can show you what your home would sell for today and what you could buy instead. For rates and qualifying, talk to your lender or a mortgage professional. You’ll find some I recommend on my preferred service providers page.

• Get a free home evaluation and find out what your home is worth today.
• See what homes near you sold for.
• Downsizing later in life? See how I help seniors and their families.

Mortgage Renewal Timeline

• 4 to 6 months before renewal: under the Canadian Mortgage Charter, lenders are expected to contact you about your renewal four to six months ahead. This is a good time to check your payment with the calculator above and start comparing options.
• 2 to 4 months before: compare your lender’s offer with other lenders. If you might sell, get a home evaluation now so you can decide before the deadline.
• At least 21 days before: federally regulated lenders, such as banks, must send you a renewal statement at least 21 days before your term ends.
• Before your maturity date: make your decision. Read your renewal statement carefully and don’t let the date pass without comparing your options.

Mortgage Renewal FAQs

How much will my mortgage payment go up at renewal?

It depends on your balance, current rate, new rate and years remaining. As an example, a $450,000 balance with 20 years left that renews from 2.0% to 4.79% goes from about $2,275 to $2,906 a month, about $631 more. The Bank of Canada estimates five-year fixed borrowers renewing in 2026 will see an average increase of about 20%. Use the calculator above for your own number.

When will my lender send my renewal offer?

Federally regulated lenders must send a renewal statement at least 21 days before your term ends. Under the Canadian Mortgage Charter, lenders are expected to reach out four to six months before renewal.

Do I need to pass the stress test to switch lenders at renewal?

No, not for a straight switch. Since November 21, 2024, borrowers who switch lenders at renewal without changing the mortgage amount or amortization are exempt from the stress test. This applies to insured and uninsured mortgages that started with a federally regulated lender. The new lender still has to approve you.

Can I sell my home instead of renewing my mortgage?

Yes. Selling at the end of your term generally avoids a prepayment penalty. Selling during the term usually triggers one, unless you can port the mortgage to your next home. A free home evaluation will tell you what your home could sell for today.

Is this mortgage renewal calculator accurate?

It gives a close estimate using standard Canadian mortgage math, but it’s not a quote. Your actual payment depends on the rate, term and product your lender offers you.

Related Reading

• Mortgage renewal anxiety is rising, but most Canadian homeowners plan to stay put
• More than 50% of Canadian borrowers anticipate their monthly mortgage payment to increase upon renewal
• Coquitlam real estate: neighbourhoods, prices and advice

Questions About Your Renewal?

If your renewal is coming up and you’re wondering whether to stay, switch or sell, I’m happy to help you weigh it up, with no pressure. Get in touch or call or text 604-340-4400.

Sources: Bank of Canada, Staff Analytical Note 2025-21; Financial Consumer Agency of Canada: Renewing your mortgage; FCAC: Prepayment penalties; OSFI stress test change for switches (Ratehub); Canadian Mortgage Charter (The Globe and Mail); five-year fixed rates from Ratehub and nesto, October 16–17, 2026; Greater Vancouver REALTORS® September 2026 statistics. This page is general information, not mortgage, legal or financial advice.