Refinance Savings Calculator
Calculate how much you could save by refinancing
Use our free calculator to estimate your potential savings, monthly payment changes, and break-even point when refinancing your mortgage.
Leave blank to keep the same amortization period
Includes appraisal, legal fees, and penalties
Fill in the form to see your results
Enter your current mortgage details and new rate information
When Does Refinancing Make Sense?
- ✓Interest rates have dropped by 0.5% or more
- ✓You plan to stay in your home long enough to recoup costs
- ✓Your credit score has improved significantly
- ✓You want to switch from variable to fixed rate
- ✓You need to access home equity for renovations
- !Prepayment penalties on your current mortgage
- !How long you plan to stay in your home
- !Your current financial situation and goals
- !Potential changes in your income
- !Market trends and future rate predictions
Refinancing Costs Breakdown
Appraisal Fees
Professional evaluation of your property's current market value
Legal Fees
Lawyer fees for reviewing and processing mortgage documents
Prepayment Penalties
Fees for breaking your current mortgage contract early
Title Insurance
Protection against title defects (may be required)
Administration Fees
Lender fees for processing your new mortgage
Actual costs vary based on your lender, mortgage balance, and province
Frequently Asked Questions
Ready to Refinance Your Mortgage?
Let Lenderoo help you find the best refinancing options