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Mortgage Renewal Calculator

Last updated: April 30, 2023

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What is the Mortgage Renewal Affordability Calculator?

This tool assesses whether you can afford to renew your mortgage at current interest rates and provides options to manage or reduce your payments. It helps you explore alternatives such an interest-only loan or a readvanceable HELOC (Home Equity Line of Credit).

Why did we create this Mortgage Renewal Affordability Calculator?

We developed this calculator to help you understand the financial implications of renewing your mortgage under current market conditions. It aims to prevent the stress of renewing a mortgage you might struggle to afford, by offering guidance on more manageable financing solutions.

How does the Mortgage Renewal Affordability Calculator work?

The calculator takes into account your current mortgage balance, household income, monthly debt payments, and credit score to estimate if you can afford your mortgage at new rates. It also suggests ways to adjust your payment structure, like switching to interest-only payments or leveraging a HELOC.

How do I use the Mortgage Renewal Affordability Calculator?

Using the calculator is straightforward. Start by entering details about your existing mortgage and financial situation. You can adjust the figures—like your mortgage balance or different rates—to see how changes affect your ability to renew. This helps you evaluate different scenarios and financing options effectively.

Fields to fill in the calculator:

  • Current Mortgage Balance: Enter the amount you currently owe.
  • Monthly Debt Payments: Include payments for loans, credit cards, etc.
  • Household Gross Annual Income: The total yearly income of all household members.
  • Credit Score: A higher score may offer you more favorable terms.

Is it free to use the Mortgage Renewal Affordability Calculator?

Absolutely. Our Mortgage Renewal Affordability Calculator is completely free, as are all our other financial tools and resources designed to assist homeowners in managing their mortgages more effectively.