Major-bank prime reference
4.45%
Often used as a base for variable-rate lending.
Latest observation: July 15, 2026
Mortgage Renewal Calculator
See how your payment may change at renewal before accepting your lender’s offer — whether your home is 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
Current payment —
New payment —
Renewal details
- New monthly payment
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- Estimated current payment Your estimated current mortgage payment based on your remaining balance, rate, and amortization.
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- Difference per payment The estimated increase or decrease compared with your current payment.
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- Change The percentage difference between your estimated current and new payment.
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- Principal paid in new term The amount of your payments that reduces your mortgage balance during the selected term.
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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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The current payment is an estimate based on your remaining balance, rate, and amortization unless you provide an override. Actual renewal offers vary by lender.
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 Renewals
See how the rate you are testing at renewal relates to the latest available Bank of Canada averages for uninsured residential mortgages. These figures provide national market context, not a renewal offer.
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%.
Additional market benchmarks
Major-bank five-year posted reference
6.09%
A public benchmark, not the average rate charged on reported mortgage lending.
Latest observation: July 15, 2026
How to read your results
How to read your renewal estimate
The new payment uses your remaining balance with the new rate, amortization, term, and frequency you are testing. Compare that payment with your estimated current payment before you treat a renewal letter as your only option. Many BC homeowners use this step to decide whether to stay, negotiate, or switch.
How the comparison works
The new scenario is built from the remaining balance, not from your original purchase mortgage amount.
Payment difference and percentage change show how the tested renewal payment compares with your estimated current payment.
New-term principal, interest, and end balance help you see what another term may look like before the next renewal.
Fixed vs. variable renewal
Test both structures if you are weighing payment certainty against possible rate movement during the next term.
Maintain vs. extend amortization
Keeping amortization can preserve repayment pace. Extending it may lower the payment while lengthening the debt.
Early renewal vs. maturity
Reviewing early can leave time to compare options. Waiting until maturity can compress decisions into a shorter window.
Important labels
- Estimated current payment
- A modelled payment for your current rate and remaining amortization, or the override payment you enter.
- New payment
- The estimated payment using the new rate, amortization, term, and frequency in your renewal scenario.
- Difference per payment
- How much higher or lower the new payment is compared with the estimated current payment.
- Percentage change
- The payment difference expressed as a percentage of the estimated current payment.
- Balance at end of new term
- The estimated principal remaining after the new term you are testing, assuming the schedule holds.
Stay with your lender
May involve less paperwork and a simpler process, but the first offer may not be the most competitive option available to you.
Switch lenders
May provide a different rate or structure, but can require qualification, documents, valuation, legal work, or transfer fees.
Beyond the estimate
What else should you consider?
A renewal decision in Vancouver or elsewhere in BC is more than the new payment. Features, fees, and switching requirements can change the overall result.
Compare beyond the rate
- Interest rate, mortgage term, and payment amount
- Prepayment privileges and penalty method
- Portability and other product features
Costs and conditions not fully shown
- Legal or transfer fees
- Appraisal and discharge fees
- Cashback repayment conditions
- Collateral-charge implications
May require confirmation
- Qualification requirements if you switch lenders
- Whether staying or switching better fits your timeline and documents
Frequently asked questions
Is this calculator for mortgage renewals in BC?
Yes. It is designed for Canadian renewals and written for homeowners in Vancouver and across British Columbia. Use it to model a new payment before you accept a lender’s renewal offer or compare alternatives.
When should I start reviewing my renewal?
Many BC homeowners begin reviewing options several months before the term ends. Starting early leaves time to compare offers, gather documents, and avoid accepting the first letter under time pressure.
Do I have to accept my lender’s renewal offer?
No. A renewal offer is a proposal for the next term. You can ask questions, negotiate, or compare other options before you sign, subject to timing and lender processes.
Can I switch lenders at renewal?
Often yes, though switching can involve qualification, documents, and possible transfer costs. Whether switching is worthwhile depends on the rate, features, fees, and your overall situation.
Do I need to qualify again?
Staying with your current lender can sometimes involve a simpler process than switching. Moving to a new lender typically requires a fresh review of income, credit, debts, and the property.
Why did my payment increase?
Payments often rise when the new rate is higher than the rate that applied during the previous term. Changes to amortization or payment frequency can also affect the scheduled amount.
Would extending the amortization lower my payment?
It may lower the scheduled payment by spreading repayment over a longer period, but it can also increase long-term interest. Use the calculator to test the trade-off before deciding.
Renewal coming up?
Send your renewal offer and calculator scenario to Jim before you sign. Compare the payment, mortgage structure, and possible alternatives for your BC mortgage.
Explore another mortgage scenario
Choose another calculator to explore a different mortgage decision.
Mortgage Payment Calculator Estimate your scheduled payment, principal, interest, and remaining balance. Home Buying Calculator Estimate down payment, mortgage insurance, closing costs, and cash needed. Mortgage Refinance Calculator Estimate available equity, refinance costs, a new payment, and break-even.