Mortgage Switch Calculator: When to Change Lenders

Get an instant estimate of your potential savings when switching mortgage lenders

Switching mortgage lenders can save you thousands of dollars over the life of your mortgage, but it's not always the right move. Our comprehensive guide and calculator help you determine when switching makes financial sense and how to maximize your savings.

Higher of 3 months' interest or Interest Rate Differential (IRD)

(Your Rate - Current Rate) × Mortgage Balance × Time Remaining

*Actual calculation may vary by lender and include additional factors

Start shopping 120 days before renewal. This gives you maximum negotiating power with both your current and new lenders.

Use competing offers to negotiate with your current lender. They may match or beat the new rate to keep you.

Factor in appraisal fees ($300-$500), legal fees ($800-$2,000), and potential rate holds that may expire.

Keep all penalty calculations and rate quotes in writing. Verbal promises don't protect you if rates change.

Use RateStreet's comprehensive tools to analyze your mortgage switching options and find the best rates available in your province.

Understanding the key differences and when to choose each option.

Complete guide to mortgage penalties and breaking costs in Canada.

Insider strategies for securing the lowest mortgage rates in Canada.

Calculate if switching mortgage lenders will save you money and learn the best strategies for making the switch.

Contact your lender for an exact penalty quote. This is typically valid for 30 days.

Compare rates from multiple lenders. Consider both rates and terms that match your needs.

Secure pre-approval with your chosen lender to lock in rates and confirm eligibility.

Include penalty, legal fees, appraisal costs, and any lender fees in your analysis.

Use our calculator to determine break-even point and total savings over the term.

Your new lender will handle most paperwork, but you'll need to sign new documents.