Mortgage Calculator Toronto - MorCan Direct (416) 766-9000


Refinancing Calculators

    Determining the Refinance Penalty

    1. When did your mortgage start?

    2. What was the original balance for your mortgage?

    3. How long is your term?

    4. Amortization


    5. What type of rate do you have?

    6. What is your current mortgage rate?


    7. Who is your current lender?

    8. Choose your new rate


    Your penalty is:


    9. Choose your new rate

    10. Enter the amount your property is worth today?

    11. What is the remaining balance for your mortgage?

    Available Equity


    12. How much equity (cash) do you want to access?


    Current New Rate
    Current Mortgage Balance {{new_mortgage|currency}} {{new_mortgage|currency}}
    Mortgage Interest Rate {{client.current_rate}}% ({{client.rate_type}}) {{new_rate}}% ({{new_rate_type}})
    Monthly Payment {{current_payment|currency}} {{new_payment|currency}}
    Interest Remaining {{current_payment_interest|currency}} {{new_payment_interest|currency}}
    Interest Savings {{interest_savings|currency}}
    Penalty {{penalty|currency}}
    Net Savings {{savings|currency}}

    You are accessing {{access_cash|currency}}, you have {{available_equity|currency}} in accessible equity.

    Even if you left your mortgage balance the same, you would still save {{savings|currency}} per year by switching to a lower rate.

    Based on the information you entered, refinancing doesn’t make sense for you right now. But it doesn’t end here! By signing up for Mortgage Manager, we can let you know when it's time to refinance and unlock your mortgage savings. You can also get a free Property Report that will let you know the value of your property and the values in your neighbourhood.

    Mortgage Manager

    Based on the information you have entered you will not save interest on your mortgage. However accessing the equity that is in your property is a great way to save on any unsecured debt you may have. You can use the consolidate debt tab to see the savings or you can the mortgage manager tab. By signing up to the mortgage manager, we can let you know when it is time to refinance and unlock your mortgage savings!

    You are accessing {{access_cash|currency}}, you have {{available_equity|currency}} in accessible equity.

    Note: You could access more savings by consolidating high interest debt.



    Available Equity: {{available_equity|currency}}

    Debt {{$index+1}}

    Debt outstanding
    Annual Interest
    Monthly Payment

    Total Debt Current Annual Interest Annual Interest Rate at {{new_rate}}% Interest Savings
    {{debt_total|currency}} {{debt_current_annual_interest_amount|currency}} {{debt_new_annual_interest_amount|currency}} {{debt_interest_savings|currency}}

    It looks like you won’t be able to consolidate all of your debt right now, but it’s still worth consolidating as much debt as possible into your mortgage, so you can pay it off at a lower interest rate! If you would like one of our agents to speak with you about some strategies for consolidating debt...


    Contact Us



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DISCLAIMER: The results from these calculators are estimates and are subject to change based on the most current lender information available. Although our calculators are pretty darn accurate! Also, these results do not take into consideration special offers or other fees such as registration, reinvestment, transfer, or discharge fees. If you would like to know your exact penalty, you can contact us at
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