QUÉBEC MORTGAGE GUIDE
Mortgage renewal in Québec: calculate your next payment
At renewal, enter the mortgage principal still outstanding when the term ends. The new payment depends on that balance, the prospective rate, the remaining amortization and payment frequency. For instance, a $280,000 balance over 20 remaining years produces different payments at 4.50%, 5.00% and 5.50%.
Use these explanations to compare scenarios in our calculator without registering. Estimates are not lending offers or binding mortgage terms.
Use the remaining balance, not the purchase price
At renewal, enter the mortgage principal still outstanding when the term ends. The new payment depends on that balance, the prospective rate, the remaining amortization and payment frequency. For instance, a $280,000 balance over 20 remaining years produces different payments at 4.50%, 5.00% and 5.50%.
Why model three interest-rate scenarios?
Test a lower rate, a central estimate and a higher rate. This makes potential payment changes understandable without predicting future offers. It can help with budgeting and a more focused conversation with a broker.
What the calculator does not automatically include
Switching costs, possible penalties, early repayment privileges and the actual lender offer must be confirmed separately. A calculator estimates payments; it does not create contractual terms.
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A practical comparison to make
At renewal, start with the remaining balance rather than the original purchase price. Compare interest rates using the same amortization, while checking transfer fees and lender-specific terms.
Check the free mortgage calculator with your own figures. Its optional homeownership-budget section also allows you to enter taxes, insurance and condo fees without sending data to a server.
Example: renewing a $300,000 balance
| Illustrative rate | Monthly payment | Monthly difference |
|---|---|---|
| 4.50% | $1,891.22 | Baseline |
| 5.50% | $2,053.17 | +$161.95 |
This comparison excludes break penalties, lender transfer fees and other renewal charges. Keep the principal and remaining amortization the same when comparing offers.
Computed with the same Canadian semiannual-compounding engine as Isabelle’s calculator; figures are rounded to cents.