Mortgage Renewal Calculator
When your term ends you renew at whatever rate is on offer. Enter your balance, remaining amortization and the new rate to see the new payment and where you’ll stand at the next renewal.
Your mortgage at renewal
$
$
%
New monthly payment
$2,972.88
per month
- Change per month
- +$322.88
- Balance at the end of the new term
- $448,195
Rate held constant for the term. A straight switch to another lender may need requalification; renewal with your own lender usually doesn’t.
Amortization schedule
First 2 years| Year | Paid | Interest | Principal | Extra | Balance |
|---|---|---|---|---|---|
| Year 1 | $35,674.56 | $20,109.30 | $15,565.26 | $0.00 | $464,434.74 |
| Year 2 | $35,674.56 | $19,434.40 | $16,240.16 | $0.00 | $448,194.58 |
Rate held at 4.29% for the whole amortization. Estimate only.
Calculations are estimates for general educational use and are not financial, mortgage, tax or legal advice, a lending offer or approval. Actual payments, qualification, rates, insurance, taxes and fees depend on your lender, contract and circumstances. Projections hold your entered rate constant after the term; future rates may differ.
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