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Refinance Calculator

Over the last couple of years with interest rates at a 40-year low, many people refinanced their mortgages. Depending on how many months the ongoing monthly interest savings will take to cover your upfront closing costs, refinancing may make sense for you. Use our refinance calculator to analyze your situation today!

What is a Refinance Calculator?

A refinance calculator is an essential online tool that helps Canadian property owners determine if refinancing their commercial real estate makes financial sense. By comparing your current mortgage terms with potential new lending options, this calculator helps you understand the potential savings or costs associated with refinancing.

How To Use Refinance Calculator

To use our refinance calculator online, you'll need to input information in two main sections:

Current Loan Information:

  • Current loan balance
  • Number of months remaining
  • Annual interest rate
  • Click ‘next’

Proposed Loan Information:

  • New annual interest rate
  • Loan origination fee
  • Other fees
  • New loan term in months
  • Other fees or discount points
  • Click ‘calculate’

How to Interpret the Results

The calculator processes these inputs to provide a comprehensive analysis of your refinancing scenario. For example, if you're refinancing with a lower interest rate (dropping from 5% to 3.5%), the calculator will show:

  • Monthly payment differences
  • Total interest savings over the loan term
  • Break-even point considering closing costs
  • Long-term financial impact

Using the sample rates above (5% to 3.5%), you could save significantly on interest over the life of your loan, even after accounting for the 1% origination fee and $2,500.00 CAD in closing costs.

Related Financial Calculators

For a complete financial analysis, consider using these additional tools: