Renewal: stay or switch?
Your renewal offer next to another lender's, costs included.
Difference over 5 years
$0
- Payment if you stay
- $2,017.30 /mo
- Payment if you switch
- $2,017.30 /mo
- Owing at term end (stay)
- $264,436
- Owing at term end (switch)
- $264,436
Interest over the 5-year term
- Stay at 4.50%$65,474
- Switch at 4.50%$65,474
An uninsured straight switch (same balance, same amortization) doesn't need the stress test. Borrowing more or stretching the amortization means you qualify again.
What this means
Both offers come out the same. Put in your lender's renewal rate and the other offer to see the difference.
That's $0.00 a month less on your payment.
Estimates only. This isn't advice, a rate quote or a pre-approval. Your real numbers depend on your lender and your approval. Rates entered are examples, not quotes. Assumes fixed rates compounded semi-annually and monthly payments.
Rules last verified: November 3, 2026
Sources and assumptions
- OSFI, Backgrounder: Minimum Qualifying Rate, November 21, 2024 (no MQR on an uninsured switch to another federally regulated lender with no increase in amortization or loan amount)
- Department of Finance, straight switches and portfolio insurance (from Dec 16, 2024)
- Interest Act, s. 6 (Justice Laws, current to 2026-10-19)
- A straight switch keeps the same amortization and loan amount. Adding money or time means you qualify again.
- High-ratio insured switches: the federal charter says no new stress test, but the exact effective date wasn't confirmed on an official page. Ask before relying on it.
- Accelerated payments (monthly payment split in two or four) are an industry convention, not a regulation.
- Interest Act s. 10: on a term over 5 years, after 5 years you can repay with at most 3 months' interest.
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