Decision tools

Mortgage Refinance Calculator

Compare keeping your current mortgage with refinancing, including the fees you enter.

Refinance comparison

Compare keeping your mortgage with refinancing over the months left in your current term. Monthly payments and cost savings are shown separately. The starting values are examples: replace them with your balances, lender quote and expected fees.

Current mortgage

Current mortgage balance

Amount still owed, from a recent statement.

Current interest rate (%)

Use the current contract rate.

Current amortization left (years)

Time left to repay the mortgage, not the term.

Months left in current term

This sets the comparison period.

Proposed refinance

New interest rate (%)

Use the proposed contract rate.

New amortization (years)

A longer amortization may reduce payments but increase total interest.

New mortgage term (months)

Must cover all months in the comparison period.

Estimated home value

Used only to estimate the mortgage-to-value percentage.

Additional amount to borrow

Optional extra cash. Not counted as savings; costs of debts repaid are not modelled.

Refinancing costs

Mortgage penalty

Enter the penalty from a current lender payout quote. This tool does not estimate it.

Legal fees

Enter the full expected amount, including applicable tax.

Appraisal fee

Enter $0 if not applicable.

Discharge and other fees

Include any other refinancing costs, including applicable tax.

How will you pay refinancing costs?

Keep current mortgage vs refinance
Comparison	Keep current mortgage	Refinance
Monthly mortgage payment	—	—
Starting mortgage	—	—
Additional cash borrowed	—	—
Costs paid upfront	—	—
Total refinancing fees	—	—
Mortgage payments during comparison	—	—
Total cash paid during comparison	—	—
Interest during comparison	—	—
Mortgage balance at end	—	—
Interest + refinancing fees	—	—
Starting mortgage / home value	—	—

What changes?

Enter valid inputs to compare.

Planning estimate, not a mortgage approval or lender quote. Assumes monthly principal-and-interest payments, constant rates during the comparison, Canadian nominal rates compounded semi-annually and no extra payments. Property tax, insurance, closing adjustments, tax consequences and the costs of other debts are not modelled. Lender payment methods, dates and fees can differ.

Cost difference = interest on the current mortgage minus (interest on the new mortgage + refinancing fees). Cash paid = mortgage payments + fees paid upfront. Financed fees are included in the new balance, not paid upfront. Additional borrowing increases debt and is not a saving. Home-value percentages do not establish eligibility.

Using this estimate

Compare keeping your current mortgage with refinancing, including the fees you enter.

Change the example inputs to match your situation. Review the assumptions and exclusions alongside the results. Calculations are planning estimates, not a mortgage approval or a lender quote.

Use “Discuss with Nandan” to review a snapshot before sending an inquiry. Nothing is sent just by running a calculation.

Explore all calculators →

Qualification guide

What a lender needs to see.

Use this as a document and eligibility checklist for employed or self-employed income. It separates the main-lender route from alternate programs, so you can see where the rules and trade-offs change.

Employed, self-employed, and alternate-lender requirements

Main / prime lender path

Published bank requirements, with CMHC’s insured framework.

TD planning targets35% / 42%GDS / TDS should be at or below these levels.

CMHC insured maximums39% / 44%Maximum GDS / TDS, subject to the lender’s own approval.

CMHC stress test+2% or 5.25%Qualify at the greater of contract rate + 2% or 5.25%.

Employed borrowers

A practical prime-lender checklist based on RBC’s published borrower guide, TD’s affordability guidance, and CMHC’s insured criteria.

Income and identity documents

Valid government-issued identification.
A recent pay stub or T4 as proof of income.
A summary of assets and liabilities, including savings, investments, and lines of credit.
Confirmation of where the down payment is coming from.

RBC guide · current to June 2026 ↗

Debt-service and credit

TD’s public affordability target is GDS at or under 35% and TDS at or under 42% of pre-tax household income.
For an insured loan, CMHC publishes maximums of 39% GDS and 44% TDS.
At least one borrower or guarantor must have a minimum credit score of 600 for a CMHC-insured homeowner loan. RBC and TD do not publish a minimum score for their broader mortgage programs.
The insured qualifying rate is the greater of the contract rate + 2% or 5.25%.

Down payment and insurance

Up to $500,000: minimum 5% down.
$500,000 to $1,499,999: 5% of the first $500,000, plus 10% of the amount above $500,000.
$1.5 million or more: minimum 20% down; mortgage loan insurance is not available at or above $1.5 million.
Below 20% down is a high-ratio mortgage and requires default insurance; 20% or more is conventional.
Budget an additional 2–5% of the purchase price for closing costs, per RBC’s public guide.

CMHC insurance explainer ↗RBC buyer guide ↗

Property and borrower basics for insured financing

The home must be in Canada and suitable and available for full-time, year-round occupancy with year-round access.
Homeowner financing is for owner occupancy, with insured financing available for one property per borrower or co-borrower at a time.
Eligible borrowers include Canadian citizens, permanent residents, and non-permanent residents legally authorized to work in Canada.
Traditional down payments may come from savings, sale of a property, or a non-repayable gift from a relative. Certain arm’s-length borrowed sources may be permitted by CMHC for eligible 1–2-unit homeowner loans at 90.01–95% LTV, subject to restrictions and a different premium. Confirm current insurer and lender acceptance.

CMHC eligibility ↗

Self-employed borrowers

CMHC’s Self-Employed mortgage-insurance program is the published prime framework shown here. Individual lenders may add their own overlays.

Business history

CMHC recommends at least 24 months operating the business or working in the same line of work.
Less than 24 months may still be considered when supported by an established-business acquisition, sufficient cash reserves, predictable earnings, prior training or education, and a demonstrated history of managing credit.

CMHC Self-Employed program ↗

Income and business documents

Notice of Assessment accompanied by the T1 General, proof of income, and Statement of Business Activities (T2125).
Supporting evidence can include tax returns with NOAs, business credit reports, GST returns, active business-account statements, business licences or articles of incorporation.
Financial statements may be audited or supported by a Review Engagement Report signed by a practicing accountant.
For a recently self-employed borrower, previous employment documents, recent account statements, business records, and signed contracts may support the application.
CMHC’s public material does not specify how many years of NOAs, T1s, or T2125s are required; the lender must confirm the file-specific period.

CMHC Self-Employed fact sheet ↗

Income calculation

Sole-proprietor or partnership income may be grossed up by 15%, or calculated using an add-back approach.
Published acceptable add-backs are limited to business-use-of-home expenses, motor-vehicle expenses, and capital cost allowance (CCA).
Add-backs must be supported by audited statements, a Review Engagement Report, or the T2125 accompanied by the NOA.

CMHC income treatment ↗

Ratios, credit, down payment, and insurance

The same insured maximums apply: 39% GDS, 44% TDS, and qualification at the greater of contract rate + 2% or 5.25%.
At least one borrower or guarantor must meet CMHC’s published 600 minimum credit score.
For 1–2 owner-occupied units, the standard insured down-payment tiers above apply. CMHC requires at least 10% equity for 3–4 owner-occupied units; lender requirements may be stricter.
For owner-occupied 1–4 unit properties, published base premiums range from 0.60% at up to 65% LTV to 4.00% at 90.01–95% LTV; 90.01–95% with a non-traditional down payment is 4.50%.

CMHC premium schedule ↗CMHC insured limits ↗

Alternate lender section

More flexibility, with different costs and proof.

Alternate programs can consider credit events, higher debt-service ratios, bank-statement income, or substantial assets. The trade-off can include lender fees, rate premiums, lower maximum loan-to-value, or narrower property and market rules.

Detailed example

Equitable Bank BFS

Business-for-self / stated-income qualification, from Equitable’s live product page and April 2026 broker specification.

Equitable BFS ↗April 2026 spec sheet ↗

Maximum LTV80%

Ratios50% / 50%

Published FICO500+

The Extended Ratio Product permits up to 60% GDS / 60% TDS in select markets; standard alternative ratios are 50% / 50%.
Qualify at the higher of contract rate + 2% or the benchmark; maximum amortization is 30 years.
Less than two years self-employed can be accepted. Income proof is 12 months of business bank statements or business financials, plus a signed Declaration of Income; net income is used to qualify.
Gifted down payment is accepted. Previous bankruptcy, consumer proposal, and limited credit may be considered; scores below the published 500+ benchmark are case-by-case.
Standard alternative deals carry a 1% commitment fee, although no-fee options are published. Pricing is beacon-score driven rather than a single flat rate premium.
No maximum loan amount is published; rentals, secondary homes, and investment properties may be eligible, and a 90-day rate hold is available.

Home Trust Classic

Product guide says updated February 26, 2024.

No minimum FICO published; prior bankruptcy can be considered.
Up to 80% LTV, 30-year amortization, and flexible GDS / TDS.
Qualify at the greater of contract rate + 2% or the minimum qualifying rate.
Lender fees start at 1% for closed mortgages and 2% for open mortgages; a rate premium may apply.
Purchase or refinance; owner-occupied and rental properties. Rate hold: 90 days purchase, 60 days refinance.

Home Trust Classic guide ↗

Home Trust Accelerator

Stated-income program. The undated public package appears to predate the December 2024 insured-limit changes.

Minimum two years in business, confirmed by licence, articles, or GST/HST registration.
650 FICO insured or 680 insurable for each applicant; maximum 39% GDS / 44% TDS.
Maximum 90% LTV and 25-year amortization; minimum 10% down, with 5% from the borrower and the rest permitted as an immediate-family gift. Borrowed down payment is not allowed.
Requires two years of T1 Generals and arm’s-length/CA-prepared business statements, or audited corporate financials, plus the latest NOA showing line 150 and no tax arrears.
Commission income is ineligible; no prior bankruptcy. Published loan limits are $750,000 in metro Toronto, Vancouver, and Calgary, or $600,000 elsewhere, with a $150,000 minimum.

Home Trust Accelerator package ↗

ICICI Bank Canada Net Worth

Broker sell sheet updated May 25, 2026.

Maximum 55% LTV, 650 minimum beacon score, and a 25-basis-point rate premium.
Requires at least $150,000 in liquid assets, an NOA confirming no taxes owing, and a full appraisal.
Purchase or refinance, first mortgage only; maximum $800,000 loan.
15- to 30-year amortization, 1- to 3-year closed terms, and a 90-day purchase rate hold.

ICICI Net Worth sell sheet ↗

Qualification requirements vary by lender and are subject to change — please confirm the current criteria with your mortgage agent before relying on them. Sources were reviewed October 10, 2026; older or undated product sheets are identified above.

View all qualification sources

RBC Royal Bank — First-Time Home Buyer Complete Guide · current to June 2026.
TD Canada Trust — Mortgage Affordability Calculator · no date shown.
CMHC — Purchase product fact sheets · ©2021; subject to change.
CMHC — Self-Employed program · no date shown.
CMHC — Self-Employed fact sheet · no date shown.
CMHC — Mortgage Loan Insurance Explained · current insured cap and down-payment tiers.
Equitable Bank — BFS product specs · verified live October 10, 2026.
Equitable Bank — Alternate Residential spec sheet · April 2026.
Home Trust — Classic product guide · says updated February 26, 2024.
Home Trust — Accelerator package · no visible update date; appears to predate December 2024.
ICICI Bank Canada — Net Worth Mortgage sell sheet · updated May 25, 2026.

Focused advice

More options than a single branch.

Your income, down payment, credit, timeline, and property all shape the right route. I help you understand which file story a lender needs to see.

01

Buying your first home

Minimum down payment, insured-mortgage options, FHSA and RRSP planning, closing costs, and a clear pre-approval range.

02

Self-employed income

NOA review, business-for-self programs, income documentation, add-backs, and alternative options when the standard box does not fit.

03

Renewal or refinance

Compare your lender’s offer, weigh penalties and break-even, consolidate debt thoughtfully, or restructure for the next stage.

The process

A mortgage plan you can follow.

Start with the numbers you already know. I’ll help turn them into a document plan, lender strategy, and next decision.

Nandan Patel Mortgage Agent Level 1 · FSRA #M23007108 DLC Affinity Mortgage Solutions - 13093

Call Nandan Email directly

01

15-minute discovery call

We discuss your goal, timing, income, down payment, current debts, and any concerns before paperwork begins.

02

Numbers and document plan

You receive a practical range and a clear checklist built around your situation—not a generic pile of documents.

03

Lender match and submission

I compare suitable options and explain payment, restrictions, prepayment privileges, and costs before you choose.

04

Approval through closing

I coordinate outstanding conditions and stay available through lawyer instructions, funding, and your first payment.

Common questions

Useful context before you apply.

Does using a mortgage agent cost the borrower?

For many prime residential mortgages, the lender pays the broker fee. Alternative, private, or complex financing may involve a borrower-paid fee; any fee should be disclosed before you proceed.

Is the lowest rate always the best mortgage?

Not always. Penalty calculation, portability, prepayment options, restrictions, and qualification can matter more than a small rate difference—especially if your plans may change.

Can I qualify if I am self-employed?

Often, yes. The route depends on your business history, tax returns, credit, down payment, and whether your reported income supports the loan. A document review usually reveals the best next step.

How reliable are the calculators?

They are useful planning tools, not commitments. Real approvals depend on lender and insurer rules, income verification, credit, debts, property details, and the interest rate available when you apply.

Contact

Let’s talk through your mortgage plan.

Nandan Patel · Mortgage Agent Level 1 · FSRA #M23007108
DLC Affinity Mortgage Solutions - 13093 · Independently Owned and Operated
Head Office: 300-140 Allstate Parkway, Markham, ON L3R 5Y8 · Serving clients across Ontario.

519-546-6669 info@nandanpatel.ca

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Last updated: October 24, 2026

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