Refinance Savings Calculator

    See if refinancing your mortgage makes financial sense.

    $
    $50,000$2,000,000

    Remaining principal on your mortgage

    %
    1%10%

    Your current mortgage rate

    %
    1%10%

    Rate offered for refinance

    years
    5 years30 years

    Years left on your mortgage

    $
    $0$50,000

    Penalty for breaking current mortgage

    $
    $0$10,000

    Legal, appraisal, and other fees

    Net Lifetime Savings

    $63,376.61

    Monthly Payment Savings

    $293.24

    Break-Even Point

    24

    Interest Saved

    $70,376.61

    Total Cost to Refinance

    $7,000

    Monthly Payment Savings$293.24
    Break-Even Point24
    Interest Saved$70,376.61
    Total Cost to Refinance$7,000

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    Rate source: Bank of Canada / FCAC
    Data from Official Sources:BoC