Refinance calculator

Compare the new payment against the cost to break the old mortgage.

A refinance is rarely just about the new rate. It is usually a trade-off between accessible equity, penalty drag, and whether the resulting payment still makes the broader plan better.

Uses an 80% loan-to-value ceiling for accessible equity.
Estimates fixed-rate penalties with a three-month-interest floor and IRD-style comparison.
Shows payment changes with and without cash-out pressure.
Inputs
Refinance scenario
This version uses a practical refinance model: accessible equity at 80% loan-to-value, a three-month-interest floor, and an IRD-style approximation for fixed rates.
Results
Refinance estimate
Penalty math varies by lender. This is a planning estimate, not a lender quote.

Accessible equity

$260,000

80% loan-to-value ceiling minus current balance

Estimated penalty

$7,290

Greater of three months’ interest or IRD estimate for fixed rates

Current payment

$3,391

Approximate current recurring payment

New payment

$3,989

Includes available cash-out and estimated penalty

Requested cash-out
$100,000
Available cash-out
$100,000
Three months’ interest
$6,885
IRD estimate
$7,290
New mortgage amount
$647,290
Payment change
$599
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Next move
Inspect the repayment profile
If the refinance works, the next question is usually whether the new payment cadence still matches the payoff plan.
Open amortization
Next step
Send this result to your team inbox
Optional. Save this scenario and send it to the central inbox for follow-up.
Assumptions
How this version behaves
The inputs are flexible, but the rules are intentionally explicit so the outputs stay interpretable.
Penalty methodology differs by lender; this is a planning estimate only.
The comparison rate input is exposed so the IRD estimate stays explainable instead of hidden.
The estimated penalty is rolled into the refinanced mortgage amount in this model.
Related
Keep the workflow moving
These companion calculators answer the next question buyers usually ask.

Mortgage math

Mortgage Payment

Estimate mortgage payments, insurance, and monthly carrying costs using Canadian mortgage math.

Budget guardrails

Affordability

See how much home you can support using GDS, TDS, down payment, and the stress test.

Schedule detail

Amortization

Break your loan into principal and interest over time and compare payment frequencies.

FAQ
What buyers usually ask next
This content is there to make each calculator page useful as a landing page, not just a widget shell.