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Mortgage Renewal Calculator

See how your new mortgage rate affects your payments and interest costs upon renewal.

Renewal Details

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Extra Payments

Add lump sum payments to speed up repayment

Shortening your amortization period will increase your payments but significantly reduce total interest paid.

New Monthly Payment
$2,930.40

Monthly Payment

Payment Change
+$441.11
Old Payment
$2,489.28
Interest over 5yr term$100,300
Principal over 5yr term$75,523
Balance at end of term$374,477
Total interest (Remaining)$253,295

Payment Impact

How your cash flow changes

With a rate increase of 1.90%, your payment will increase by $441.11 per month.

Amortization

Time to debt-free

At this rate, you will be mortgage-free in 20 years. Adding $1,000 to your payment could save you thousands in interest.

Renewal Amortization

Visualizing your balance reduction at the new 4.89% rate.

Remaining Balance
Principal Paid
Interest Paid

Post-Renewal Schedule

Yearly breakdown