BAJANI MORTGAGE
Your Pathway to Homeownership.
Free Tool
Refinance & Home Equity Calculator for Ontario Homeowners
See what refinancing would really do: your new payment, how much you'd save each month by rolling debts into the mortgage, and the penalty and costs to get there.
Your Mortgage Today
0 if your term is ending, so there's no penalty.
Leave at 0 if you don't have a home equity line of credit.
Leave at 0 and we'll estimate it.
Credit cards, lines of credit, car loans you'd roll into the mortgage.
Added to the new mortgage.
New Mortgage
$427,670
New Payment
$2,461/mo
Monthly Saving
$639
vs today's payments
Penalty
$3,170
Estimated: 3 months' interest
Your Scenario
- Estimated property value
- $720,000
- Current mortgage balance
- $388,000
- Current payment (monthly)
- $2,050
- Current rate
- 3.29% fixed
- Months left in term
- 24
- Debts to pay off
- $35,000 ($1,050/mo)
- New interest rate
- 4.89%
- Amortization
- 25 years
Your Refinance at a Glance
New Mortgage
$427,670
59.4% of value
New Payment
$2,461/mo
25-year amortization
Monthly Saving
$639
Mortgage + debt payments, before vs after
Prepayment Penalty
$3,170
Estimated: 3 months' interest
Estimates only. Access to equity depends on the appraised value, income, credit and lender guidelines.
Monthly Payments: Today vs After Refinancing
| Today | After Refinance | |
|---|---|---|
| Mortgage payment | $2,050 | $2,461 |
| Payments on debts paid off | $1,050 | $0 |
| Total monthly | $3,100 | $2,461 |
| Difference | −$639 |
Excludes any existing HELOC payment, which stays the same in both columns.
How the New Mortgage Adds Up
| Item | Amount |
|---|---|
| Current mortgage balance | $388,000 |
| Debts paid off | $35,000 |
| Prepayment penalty (estimated: 3 months' interest) | $3,170 |
| Legal, appraisal and other costs | $1,500 |
| New mortgage | $427,670 |
Fixed-rate penalties are the greater of 3 months' interest and the interest rate differential. Big banks calculate the differential from posted rates and often charge much more than this estimate, so ask your lender for a payout statement.
Your Home Equity
Estimated Equity
$332,000
46.1%
Available Equity
$188,000
Refinance to 80% of value
HELOC Room
$188,000
Stand-alone HELOC to 65% of value
What This Means for You
Rolling $35,000 of debt into the mortgage would cut your monthly payments by about $639, after a penalty of about $3,170 and $1,500 in costs.
Part of the lower payment comes from spreading the debt over 25 years. Putting some of the monthly saving back on the mortgage as prepayments keeps the total interest down.
Because you're 24 months from maturity, compare refinancing now with waiting: refinancing at maturity avoids the penalty, while a blend-and-extend or a HELOC may cost less in the meantime.
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.
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