BAJANI MORTGAGE
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Mortgage Renewal Calculator — Compare Before You Sign
See what your lender's renewal offer really costs compared with switching: the payment, interest over the term and what you'd save after switching costs. Then download the comparison report.
Your Renewal
The rate on the renewal letter from your current lender.
Pre-filled with the lowest advertised 5-year fixed (October 23, 2026). Ask us for your actual rate.
Usually your current lender's discharge fee. Many new lenders cover legal and appraisal on a switch.
Saved by Switching
$9,655
Over 5-year term
Lender's Offer Payment
$2,456
Monthly at 4.89%
Switch Payment
$2,341
Monthly at 4.34%
Change vs Today
+$479
With your lender's offer
Your Scenario
- Balance at renewal
- $388,000
- Current interest rate
- 2.49%
- Your lender's renewal offer
- 4.89%
- Rate available by switching
- 4.34%
- Remaining amortization
- 21 years
- New term
- 5 years
- Costs to switch
- $400
- Payment frequency
- Monthly
Renew or Switch?
Saved by Switching
$9,655
Over the 5-year term, after $400 in costs
Monthly Payment Difference
$115
Lower if you switch
Payment Change at Renewal
+$479
Lender's offer vs today's monthly payment
Estimates only. Interest and balances are calculated with monthly payments.
Your Lender's Offer vs Switching
| Today | Lender's Offer | Switch | |
|---|---|---|---|
| Interest rate | 2.49% | 4.89% | 4.34% |
| Payment (monthly) | $1,976 | $2,456 | $2,341 |
| Interest over 5-year term | — | $87,031 | $76,976 |
| Balance at end of term | — | $327,700 | $324,521 |
Before You Sign Your Renewal
- Lenders usually send renewal offers 21 days before maturity; start comparing about 120 days out so a switch has time to close.
- The first offer is rarely the lender's best rate. Ask them to match the switching rate before you decide.
- A straight switch at maturity carries no prepayment penalty. Your current lender may charge a discharge fee, and many new lenders cover legal and appraisal costs.
- Renewal is also the cheapest time to refinance, for example to consolidate debt, because there's no penalty to break the term.
What This Means for You
Switching saves about $9,655 over the 5-year term after switching costs: $115 a month off the payment and $10,055 less interest.
Rate isn't everything: prepayment privileges, penalty terms, portability and term length can matter as much. A licensed mortgage professional can compare renewal, switch and refinance options for your situation.
Your Pathway to Homeownership Starts With Understanding Your Numbers
Your calculator results are estimates. Nandan Bajani can help you review your situation and understand your mortgage options.
Send to Nandan
Send your scenario directly to Nandan on WhatsApp.
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Let's review your numbers and discuss your mortgage options.
Book a Mortgage ReviewPrefer to talk now? Call Nandan: 226-886-3675 or use the contact page.
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A branded Bajani Mortgage scenario report with your numbers, ratios, stress-test snapshot and next steps — downloaded instantly and emailed to you.
Related Resources
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Nandan Bajani works with London, St. Thomas, Ingersoll, Woodstock and Ontario-wide clients to turn calculator estimates into real lender options.