BAJANI MORTGAGE
Your Pathway to Homeownership.
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Mortgage Renewal Calculator — Compare Before You Sign
Compare your current mortgage against the rate you've been offered at renewal, including the interest cost over the full term, then download the comparison report.
Your Renewal
Current Payment
$1,976
Monthly
New Payment
$2,456
Monthly
Estimated Monthly Difference
+$479
New Interest Rate
4.89%
Your Scenario
- Current mortgage balance
- $388,000
- Current interest rate
- 2.49%
- New interest rate
- 4.89%
- Remaining amortization
- 21 years
- New term
- 5 years
- Payment frequency
- Monthly
Mortgage Renewal Comparison
| Current Mortgage | New Scenario | |
|---|---|---|
| Balance | $388,000 | $388,000 |
| Interest rate | 2.49% | 4.89% |
| Payment (monthly) | $1,976 | $2,456 |
| Remaining amortization | 21 years | 21 years |
| Term | — | 5 years |
| Estimated interest over 5-year term | $43,586 | $87,031 |
Estimated Payment Difference
Estimated monthly Difference
+$479
Estimated Difference Over 5-Year Term
+$28,754
Renew, Switch or Refinance
At renewal there are generally three educational categories to compare. Which one fits depends on your goals, your existing mortgage terms and lender guidelines.
- Renew — stay with your current lender under new terms. Usually the simplest option, but the offered rate should still be compared with the market.
- Switch — move the same mortgage balance to another lender at maturity. Often available with limited or no cost, subject to requalification.
- Refinance — change the mortgage amount or structure, for example to consolidate debt or access equity. Requires a new application and may involve legal, appraisal or prepayment costs.
What This Means for You
Based on the information entered, the new rate scenario shows an estimated monthly increase of $479 compared with your current payment, or about $28,754 over a 5-year term.
A payment comparison on its own does not determine which renewal option is most suitable. Prepayment privileges, penalty terms, portability, term length and product features can matter as much as the rate.
A licensed mortgage professional can compare available renewal, switch and refinance options based on your complete 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
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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.