Refinance Savings Calculator

Run the math on a Toronto refinance — payment change, equity take-out, and whether the savings beat the break penalty.

Current mortgage balance

Current interest rate

New interest rate (offered)

Remaining amortization

yrs

Cash-out (equity take-out, optional)

Estimated break penalty (IRD or 3-month interest)

A broker can request the exact figure from your lender.

Legal + appraisal costs

Monthly payment change

− $303/mo

Lower payment after refinance

Current payment

$3,631

New payment (refinanced principal)

$3,328

New principal: $549,700

Estimated 5-year net savings

$8,493

Monthly savings × 60 months − penalty − legal/appraisal.

Calculator results are estimates only and are not a mortgage approval, pre-approval, or lending commitment. A licensed mortgage professional must review your full situation before any lending decision.