Mortgage Refinance Calculator

Want to refinance? Use the Mortgage Refinance Calculator to figure out whether it makes sense and the maximum amount of additional equity you could take out
Thinking of refinancing your mortgage? Use the Rates.ca comprehensive Mortgage Refinance Calculator to figure out how much additional equity you can have access to and the potential penalties associated with refinancing. Read More
Usually the decision to refinance is dependent on the need to access additional equity in the home or desire to take advantage of a lower mortgage rate. This calculator examines both scenarios to help you determine if refinancing is worthwhile. When wanting to access additional equity in the home, it might sometimes make more sense to take out a Home Equity Line of Credit (HELOC) instead of breaking the mortgage before maturity and incurring penalties. However taking out an additional HELOC might not always be possible (i.e. certain lenders have different loan-to-property value guidelines on HELOCS and mortgages). Also, taking advantage of a lower rate would only make sense when the interest savings are greater than the pre-payment penalties resulting from the re-financing. Use this comprehensive calculator to shed more light on refinancing your mortgage.
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Disclaimer:
The Mortgage Refinancing Calculator should be used for illustration purposes only - all numbers are estimates. Refinancing is a complex decision that should be discussed with a mortgage professional. Mortgage penalties are complex and tend to vary across lenders. The estimated penalty from refinancing your mortgage as given by the calculator will not necessarily reflect the actual penalty you will incur if you decide to break your mortgage early.
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