Ontario refinance tool

Refinance calculator

Estimate available equity, penalty, new mortgage amount, and payment change before deciding whether a refinance conversation makes sense.

Estimates only, not mortgage, legal, tax, or financial advice.

Refinance inputs

Current value of your propertyUsed to estimate the 80% refinance ceiling.$Your current mortgage balanceThe mortgage balance before refinancing.$

Determining the equity in your home

Current home value$800,000

Maximum mortgage percentage80%

Maximum mortgage amount$640,000

Current mortgage balance$600,000

Cash available to access$40,000

Cash to access, up to $40,000$

Your refinance at a glance

New mortgage estimate

New monthly payment

$3,542

Monthly frequency

Payment change

-$958

Estimated decrease

Penalty estimate

$7,500

Standard estimate

Loan-to-value

80.00%

Based on the new mortgage amount

Payment movement

CurrentRefinance estimate

MetricExistingNew

Mortgage amount$600,000$640,000

Additional equity$0$32,500

Penalty$0$7,500

Mortgage rate5.00%4.50%

Amortization-25 years

Monthly payment$4,500$3,542

Equity access

$40,000 requested, $32,500 after penalty.

Penalty method

Estimated as the greater of three months interest or a standard IRD proxy.

Decision context

Compare the payment change, available equity, and term penalty before requesting lender quotes.

Cash available

$40,000

New rate used

4.50%

Next step

Use this as a planning estimate, then request a personalized quote and payout review.

Refinance estimates are for educational planning only and are not mortgage, legal, tax, or financial advice. Exact penalties, rates, refinance amounts, and lender rules vary by contract and qualification.