Refinance payment calculator
Your new payment, and what a longer amortization really costs.
New monthly payment$2,343down $362 a month from $2,705
- New balance
- $420,000
- Interest over 5 years
- $89,830
- vs $104,734 now
- Interest to payoff
- $282,991
- vs $294,164 now
- Same amortization instead
- $2,518/mo
- interest to payoff $244,639
The amortization reset: 3 more years of paymentsStretching from 22 to 25 years lowers the payment, but you pay interest for longer. Keeping 22 years would cost $174 more a month and save $38,352 of interest.
A lower payment isn't a savingWhether refinancing pays depends on interest and fees over the same time frame, including the penalty. Compare all four routes.
Estimate, not advice. Educational estimate only, not financial, mortgage, tax or legal advice. Lenders, insurers and governments set their own rules and can change them; confirm with a licensed professional before you decide.
New payment $2,343 vs $2,705 now; lifetime interest $282,991 vs $294,164.
Show the numbers
| Interest to payoff | Interest |
|---|---|
| Now | $294K |
| Refinance, 22 yrs | $245K |
| Refinance, 25 yrs | $283K |
Assumptions & sources
Assumptions
- Payments are monthly with semi-annual compounding (Interest Act). Interest to payoff assumes the rate stays the same for the whole amortization.
Sources
- Justice Laws — Interest Act, s. 6 (mortgage rates stated yearly or half-yearly, not in advance). Checked .
- Justice Laws — Bank Act, s. 418: 80% limit on uninsured residential loans (including refinances) (effective September 1, 2026). Checked .
- Bank of Canada — Effective rate on new uninsured fixed mortgages, 5 years and over (series V122667786) (effective August 1, 2026). Checked .
- Bank of Canada — Effective rate on new uninsured fixed mortgages, 1 to <3 years (series V122667784) (effective August 1, 2026). Checked .
Want a person to check these numbers?
Refinance payment calculator · Powered by RefinanceCalculator.ca · MITEY