What could my renewal payment be?

Use your remaining mortgage balance, expected renewal rate, remaining amortization and payment frequency. Comparing several rates side by side shows how much your payment and total interest could change at renewal.

The increase depends mainly on the difference between your current and new rate, your remaining balance and amortization. A calculator can show the monthly and annual payment shock before you sign a renewal offer.

Not automatically. Canada's consumer guidance encourages borrowers to shop around and negotiate because even a small rate difference can materially affect interest costs over a multi-year term.

Yes, you can shop for another lender at renewal. A straight switch may be simpler than refinancing when you are not increasing the loan amount or amortization, although legal, discharge or setup costs can still apply.

Potentially, depending on lender approval and mortgage rules. Extending amortization can reduce the required payment, but it generally increases the total interest paid and may require a new qualification.