Mortgage Refinance Calculator
Estimate your new payment, available equity, refinancing costs, and an approximate payment-savings break-even point for a home in Vancouver or elsewhere in BC.
Your estimate
Monthly payment breakdown
Total monthly payment
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- Principal
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- Interest
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- Property taxes
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- Insurance
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- Other fees
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Payment comparison
Refinance details
- New monthly payment
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- Estimated current payment Your estimated payment based on your current mortgage details.
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- Difference per payment The estimated payment increase or decrease after refinancing.
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- Current home equity The estimated value of your home minus your current mortgage balance.
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- Available additional borrowing (80% LTV) The estimated additional amount you may be able to borrow while staying within an 80% loan-to-value ratio.
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- New mortgage amount
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- New loan-to-value The percentage of your home’s value that would be financed after refinancing.
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- Estimated refinancing costs Estimated costs such as penalties, legal fees, and appraisal fees associated with refinancing.
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- Approximate payment-savings break-even The estimated time it may take for lower payments to offset refinancing costs.
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- Interest paid in new term The portion of your payments that goes toward interest over the selected term.
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- Balance at end of new term The estimated mortgage balance remaining when your new term ends.
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Available equity and break-even calculations are simplified planning estimates. They do not account for every lender fee, tax effect, penalty method, or long-term borrowing cost.
These calculations are general estimates only. They are not an approval, qualification result, lender commitment, or financial advice. Actual rates, payments, fees, insurance, penalties, and lender calculations may vary.
Official Mortgage Rate Trends for Refinancing
Use the latest available Bank of Canada mortgage-rate averages as market context for the new rate in your refinance scenario. The rate alone does not determine whether refinancing reduces your total cost.
Latest available averages
Observed May 2026
Fixed, 5 years and over
4.34%
Variable
3.89%
Latest 12 monthly observations
- Fixed, 5 years and over
- Variable
Monthly observation values
- Jun 2025: Fixed, 5 years and over 4.25%. Variable 4.53%.
- Jul 2025: Fixed, 5 years and over 4.27%. Variable 4.54%.
- Aug 2025: Fixed, 5 years and over 4.31%. Variable 4.49%.
- Sep 2025: Fixed, 5 years and over 4.37%. Variable 4.27%.
- Oct 2025: Fixed, 5 years and over 4.40%. Variable 3.97%.
- Nov 2025: Fixed, 5 years and over 4.26%. Variable 3.88%.
- Dec 2025: Fixed, 5 years and over 4.31%. Variable 3.88%.
- Jan 2026: Fixed, 5 years and over 4.33%. Variable 3.86%.
- Feb 2026: Fixed, 5 years and over 4.31%. Variable 3.84%.
- Mar 2026: Fixed, 5 years and over 4.22%. Variable 3.84%.
- Apr 2026: Fixed, 5 years and over 4.18%. Variable 3.88%.
- May 2026: Fixed, 5 years and over 4.34%. Variable 3.89%.
How to read your results
How to read your refinance estimate
This calculator connects equity, borrowing room, refinance costs, and a new payment scenario. A lower payment can improve cash flow, but costs and amortization changes still shape the overall result for BC homeowners.
How the main results connect
Home equity is estimated property value minus the current mortgage balance. Available borrowing uses the calculator’s LTV planning limit.
The new mortgage can include selected cash-out and financed costs. That new amount drives the payment, LTV, and term results.
Break-even compares entered refinance costs with estimated payment savings. It is not a complete long-term cost analysis.
Cash-out refinance
Accessing equity can fund renovations or other goals, while increasing the new mortgage amount.
Maintain vs. extend amortization
Extending amortization can lower the payment. Keeping amortization preserves repayment pace and can reduce long-term interest.
Important labels
- Current home equity
- Estimated property value minus the current mortgage balance.
- Available additional borrowing
- A planning estimate of extra room under the calculator’s LTV limit after the current balance and financed costs.
- New loan-to-value
- The new mortgage amount divided by the estimated property value. Higher LTV usually means less equity remaining.
- Estimated refinancing costs
- The penalty, legal, and related costs you enter. Actual quotes from lenders and professionals may differ.
- Payment difference
- How the new scheduled payment compares with your estimated current payment.
- Approximate break-even
- A rough estimate of how long payment savings may take to offset the refinance costs you entered.
Mortgage refinance
Changes or replaces the mortgage and creates a new scheduled payment, term, and amortization.
Home equity line of credit
Provides revolving credit secured by the home, with interest generally applied to the amount used.
Beyond the estimate
What else should you consider?
Refinance decisions in Vancouver and across BC depend on more than the new payment. Upfront costs, equity withdrawn, and amortization changes can outweigh a lower monthly amount.
Costs to review carefully
- Prepayment penalty
- Legal and registration fees
- Appraisal
- Discharge or administration fees
- Lender or broker fees where applicable
- Interest on financed costs
Trade-offs not fully shown
- Equity withdrawn and the higher mortgage balance that follows
- Long-term effect of extending amortization
- Debt consolidation can improve monthly cash flow, but may also secure that debt against the home for longer
May require confirmation
- Mortgage approval or a lender commitment
- An exact penalty quote
- Tax effects of consolidation or interest deductibility
Frequently asked questions
Is this a BC or Vancouver refinance calculator?
Yes. It is built for Canadian refinance scenarios and written for homeowners in Vancouver and British Columbia. Use it to estimate equity, a new payment, costs, and break-even before you compare lender options.
How much equity can I access?
As a planning estimate, available equity often starts from property value minus the current balance, then applies lender loan-to-value limits such as 80%. Approval, product rules, and property type can reduce what is actually available.
What costs apply when refinancing in BC?
Common costs include a mortgage penalty, legal and registration fees, appraisal, and discharge or administrative fees. Entering those costs here helps you estimate break-even; your actual quotes from BC lenders and professionals may differ.
What does loan-to-value mean?
Loan-to-value (LTV) is the mortgage amount divided by the property value. A lower LTV generally means more equity. Many refinance scenarios use an 80% LTV planning limit, but lenders may set different limits.
How is the break-even point calculated?
It divides the refinancing costs you enter by the estimated payment savings per payment period, then expresses the result as an approximate number of months. If payments do not decrease, break-even from payment savings does not apply.
Does a lower payment mean I save money?
Not necessarily. Extending amortization can lower the payment while increasing total interest. Compare payment change, costs, amortization, and your timeline before deciding.
Can I consolidate debt through a refinance?
Sometimes. Moving higher-interest debt into a mortgage can change monthly cash flow, but it may also secure that debt against the home for longer. Approval, fees, and amortization changes still matter.
What is the difference between refinancing and a HELOC?
A refinance replaces or restructures the mortgage into a new scheduled loan. A HELOC is revolving credit secured by the home. Which fits better depends on how you will use and repay the funds.
Thinking about refinancing?
Review the equity, penalty, payment, amortization, and possible alternatives with Jim before making a decision on your BC mortgage.
Explore another mortgage scenario
Choose another calculator to explore a different mortgage decision.