Do I have to stay with my current lender at renewal?

No. At maturity you can renew with your current lender or switch to a new one. Switching often requires a full application but typically avoids prepayment penalties.

How much can a better renewal rate save?

On a $350,000 balance, the gap between 5.9% and 5.3% is roughly $115/month — about $7,000 over a five-year term. Your actual savings depend on balance, term, and rates.

When should I start comparing renewal options?

Start 90–120 days before your maturity date. That gives time to compare, apply elsewhere if needed, and avoid signing under pressure.

Is the calculator result an approval?

No. It is a planning estimate only. Your actual rate, payment, and qualification depend on lender approval and your full application.

Alberta Mortgage Renewal Guide

Your renewal letter is an offer — not your only option. Compare it to market rates, know when to switch, and model your payment before you sign.

Compare My Renewal

What your renewal letter really means

When your mortgage term ends, your lender sends a renewal offer for the next term. Most homeowners sign it without shopping — but the letter is a starting point, not a final answer.

It is an offer from your current lender — not necessarily the best rate available.
The rate shown may be posted or near-posted; room to negotiate often exists.
Signing without comparing can lock you in for the full next term.
You are usually free to switch lenders at renewal with no prepayment penalty.

How to compare your offer

Note your balance, remaining amortization, and the rate in your renewal letter.
Compare that rate to current market planning rates for your term length.
Estimate the monthly and total-term difference on your actual balance.
Check whether switching lenders requires a new application or appraisal.
Send your numbers for review before you sign — especially on large balances.

More detail: should you accept your renewal offer? →

When to shop alternatives

Your renewal rate is noticeably above current market rates.
Your income, debts, or credit have improved since your last approval.
You want different features — prepayment options, portability, or a shorter amortization.
You are considering accessing equity or consolidating debt (refinance may fit better).

Renewal vs. refinance

Renewal keeps your existing mortgage and sets a new rate and term at maturity — usually with no penalty. Refinancing replaces your mortgage mid-term, which may trigger a prepayment penalty but lets you access equity or restructure debt. If you are within a few months of maturity, compare both paths before committing.

Refinance guide — penalties vs. savings →

Common renewal mistakes

Auto-signing the renewal letter without comparing alternatives.
Assuming your loyalty earns you the best rate automatically.
Waiting until the last day — switching lenders takes time.
Ignoring how a slightly higher rate compounds over a five-year term.

Compare your renewal scenario

Enter your balance and renewal rate below, then send your numbers for a personalized review.

Your live estimate

Renewal Calculator

Estimate your payment at renewal and compare it to what you pay now — before you sign your lender's offer.

Estimated new monthly payment

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What you pay now

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Renewal offer

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Current payment: —
Monthly difference: —
Annual difference: —

Your renewal letter is an offer, not necessarily your only option. Since Nov 2024, uninsured straight-switch renewals may qualify at your contract rate rather than the stress test — lender policies vary.

Adjust your numbers

Drag sliders or type amounts — your estimate above updates instantly.

Current mortgage balance

Current monthly payment

Current rate (%) 2.89%

Renewal rate (%) 5.49%

Remaining amortization

22 years left

Renewal date

Lender offer notes (optional)

This site is for education and planning only. Calculator results are estimates only and are not mortgage approvals, financial advice, or lender commitments. Always get professional advice before making financial decisions. Rates, payments, cashback, eligibility, qualification, and lender options are subject to lender approval, insurer rules, borrower qualification, property details, and applicable terms and conditions. Alberta Mortgage Calculator accepts no liability for decisions made from calculator estimates or general site content.

Review your renewal before you sign

Your current payment, balance, renewal rate, and payment change are attached automatically so a local lender can compare the offer.

How this works

You adjusted the calculator above
Your inputs and estimate are attached to this form automatically
You add your contact info and a local lender reviews the scenario

Adjust the calculator above — then review these numbers with a local lender.

Mortgage renewal FAQ

Do I have to stay with my current lender at renewal?: No. At maturity you can renew with your current lender or switch to a new one. Switching often requires a full application but typically avoids prepayment penalties.
How much can a better renewal rate save?: On a $350,000 balance, the gap between 5.9% and 5.3% is roughly $115/month — about $7,000 over a five-year term. Your actual savings depend on balance, term, and rates.
When should I start comparing renewal options?: Start 90–120 days before your maturity date. That gives time to compare, apply elsewhere if needed, and avoid signing under pressure.
Is the calculator result an approval?: No. It is a planning estimate only. Your actual rate, payment, and qualification depend on lender approval and your full application.