Loading…
What your payment becomes at today's rates when your term is up — and what the change costs you over the next term.
Your new monthly payment
$2,896.63
A jump this size is worth shopping. Your current lender's renewal letter is an opening offer, not a final one — and moving to another lender means re-qualifying, which is a reason to start early rather than in the last two weeks.
Most lenders will hold a rate for you that far ahead, which means you're protected if rates rise and free to take a better one if they fall. Signing the renewal letter that arrives in the mail is almost always the most expensive option available to you.
Staying with your lender at renewal usually needs no requalification. Moving to a new one does — you'll face the stress test again, and the payment above has to fit their ratios. That's worth knowing before you assume a lower advertised rate is available to you.
If the payment is climbing, it's worth knowing what the house is actually worth now and what your options are — refinancing, shortening the amortization while you can afford to, or selling into a market you understand. Happy to talk it through with no expectation either way.
An estimate, not advice
These figures are calculated from published government and insurer rules and are for general guidance only. They are not a mortgage approval, a quote, or legal, tax or financial advice. Lenders apply their own qualifying policies, and your own circumstances will change the result — confirm anything you plan to rely on with your mortgage professional and your real estate lawyer before you commit to a purchase or a sale. Rates, tax brackets and insurance premiums change without notice.
Statutory figures current as of . Questions about your own numbers? Ask me directly or call 416-998-1882.
