Mortgage Renewal &
Payment Shock Calculator
Millions of Canadian mortgages locked at 1.5%–2.5% in 2021 are renewing this year at significantly higher interest rates. Use this audit tool to compute your exact payment shock, calculate your wholesale rate savings, and request a stress-test-exempt transfer.
1. Input Your Mortgage Details
Your Monthly Payment Shock
+$491/mo
Your payment will increase by 24.3% from the current rate of $2,020/mo to $2,511/mo.
Wholesale Switch Savings
$216/mo
Saving $12,930 in interest over your 5-year term by switching to wholesale rate grids instead of renewing at retail rates of $2,727/mo.
🚀 Stress-Test Switch Exemption Rules
Under current OSFI policies, you are **exempt from the stress test** when doing a straight-switch renewal to another lender. If your balance remains the same and you do not extend your remaining amortization schedule, you qualify based on the actual contract rate rather than a stressed rate, making switches highly accessible.
📅 Request a Switch Audit
Send your mortgage parameters directly to Dallas Martin. We will shop over 35 wholesale monoline lenders to secure your custom rate hold.
Qualified Mortgage Pre-Approval
What is your primary financing goal?
Select one option to customize your rate matrix.
Understanding Your Mortgage Renewal Strategy
What is Mortgage Payment Shock?
Payment shock is the sudden increase in your monthly mortgage payment caused by renewing a low-interest mortgage (common in 2021) at today's higher interest rates. Preparing early allows you to structure accelerated payments or shop wholesale options to buffer the transition.
How Do I Avoid the Stress Test at Renewal?
As long as your mortgage switch is classified as a straight transfer (no increase in principal and no extension of remaining amortization), you can switch to a new lender without qualifying under the 2.00% stress test. This is an OSFI-backed rule designed to promote rate competition.
When Should I Start Shopping My Renewal?
You should start shopping at least 120 days before your renewal date. Lenders allow rate holds for up to 4 months. By locking in a rate early, you are protected if interest rates rise, while still remaining eligible for lower rates if market yields drop.
Are There Costs to Switching Lenders?
For standard straight-switch renewals, most monoline wholesale lenders will cover the discharge, transfer, and appraisal fees to win your business. This means switching is typically 100% free of out-of-pocket costs for qualified prime borrowers.