Refinance
Three out of every five mortgages in Canada have at least one refinance opportunity hidden in them. We find the ones that actually pay back after the penalty.
Each comes with its own break-even math. We’ll tell you honestly when refinancing isn’t worth it.
When the market dropped after you signed
If rates today are 0.5% or more below your contract rate and you have at least 18 months left in your term, breaking is often worth it — even after the prepayment penalty. We do the math for you.
Best for
Roll credit cards + lines of credit into your mortgage
Trading 22% credit card debt for a 4.5% mortgage rate frees up real cash flow. Most people who do this save $400–$1,200 per month immediately. Available up to 80% of home value.
Best for
Skip the line of credit, refinance to fund the project
Refinancing to fund a renovation often beats taking out a HELOC — your blended rate stays low and your payment stays predictable. Especially smart for energy-efficiency upgrades that qualify for green-mortgage discounts.
Best for
Refinance savings calculator
Monthly savings
$338
Annual savings
$4,050
5-year savings
$20,252
Doesn’t include prepayment penalty (typically 3 months interest or IRD, whichever is greater). We’ll run that exact calculation for your specific lender if you book a free refi review.
Free 20-minute refinance review. We pull your current statement, calculate the prepayment penalty, model three rate scenarios, and tell you honestly whether breaking early pays back.
Book my free refi review →