About RefinanceCalculator.ca
An independent, free Canadian refinance calculator run by the MITEY network. We help you decide whether to break your mortgage, blend and extend, add a HELOC or wait for renewal, with the real penalty and every fee. We're not a lender or broker, and nothing you type into our calculators leaves your browser.
What this site does
The break, blend or stay calculator runs four routes side by side over the same time frame and tells you which costs least, when breaking pays for itself and the rate you'd need. Supporting calculators work out the prepayment penalty both ways lenders count it, your new payment, break-even, switching at renewal, blend-and-extend and debt consolidation.
What changed from the old site
The old calculator assumed refinancing costs were 1.5% of the balance, ignored the penalty and treated a lower payment as a saving. The new engine prices the penalty, counts every fee and compares interest over the same time frame. The ten city pages that repeated the same text now point to the refinance costs guide.
Who runs it
RefinanceCalculator.ca is part of MITEY, a Canadian network of free financial calculators and plain-language guides. Our sister site Revalued.ca covers home value and how much equity you can borrow. Mitey, the young yeti you see around the site, is our guide character: he points you to the next useful question, never to a product.
Editorial standards
- Primary sources. Penalty methods from the FCAC, RBC and TD; lending limits from the Bank Act and OSFI; renewal rules from the FCAC; posted and average rates from the Bank of Canada. Each page lists its sources and the date we checked them.
- Estimates are labelled. Fees such as legal, appraisal and discharge vary; we show our figure and let you change it.
- No invented rates or reviews. Every default rate on the site is a dated Bank of Canada figure.
How the site is paid for
The site is free. If you ask through the contact form, a person from the MITEY network team will reply; that is the only way your details reach anyone. We don't sell leads and we don't receive what you type into the calculators.
Contact
Use the contact form or email hello@mitey.ca. If a rule has changed, tell us and we'll check the source.