Should I just sign my lender's renewal offer?

The offer your current lender sends is rarely their best rate. Renewal is the one moment you can move lenders without a penalty, and a broker can shop your renewal across the market at no cost to you.

Can I extend my amortization at renewal to lower my payment?

Sometimes, but not automatically — it depends on the lender and usually requires requalifying. This calculator will show you the scenario, but treat it as a planning example rather than something guaranteed.

Mortgage Renewal & Payment Shock Calculator

Coming up for renewal? See what your payment becomes at different rates, what that does to your monthly cash flow, and where your balance lands at the end of the next term.

Current mortgage balance

Your current rate

Your current payment

Remaining amortization

years

Renewal rate you have been offered

Your payment at 4.79%

$2,906.26

That is $756.26 more per payment — $9,075 a year — an increase of 35.2%.

Your payment today: $2,150.00
Change per payment: +$756.26
Interest over the next 5 years: $98,188
Balance at end of term: $373,812

Renewal rate scenarios
Scenario	Rate	Payment	Change	Interest over term
Renewal rate you entered	4.79%	$2,906.26	+$756.26	$98,188
If rates are 0.50% higher	5.29%	$3,027.93	+$877.93	$108,770
If rates are 1.00% higher	5.79%	$3,152.02	+$1,002.02	$119,398

Renewal is your one free move

At renewal you can switch lenders without a prepayment penalty. The offer your current lender sends is rarely their best rate, and a broker can shop the whole market for you at no cost.

Renewal rates change daily and depend on your property, credit and income at the time of renewal. Clover Mortgage Inc. is a licensed mortgage brokerage. This calculator provides estimates for information only and is not an offer of credit, an approval, or financial advice.

Every mortgage is different. A Clover Mortgage broker can confirm what you actually qualify for across more than 50 lenders — at no cost to you.

All calculators

Your payment increases to

$2,906.26

Common questions

Should I just sign my lender's renewal offer?: The offer your current lender sends is rarely their best rate. Renewal is the one moment you can move lenders without a penalty, and a broker can shop your renewal across the market at no cost to you.
Can I extend my amortization at renewal to lower my payment?: Sometimes, but not automatically — it depends on the lender and usually requires requalifying. This calculator will show you the scenario, but treat it as a planning example rather than something guaranteed.