Renewal Optimizer

Compare your renewal options and calculate if it's worth breaking your current mortgage early.

Remaining Balance

Months Remaining in Term

Current Interest Rate (%)

New Market Rate (%)

Estimated Prepayment Penalty ($)

Current Payment

$13,667

At 5.89%

New Payment

$13,525

At 5.19%

Monthly Savings

$142

Per month

Break-even Period

18 months

To recover penalty

Consider Waiting for Renewal

The break-even period is too long or savings are minimal

Note: Penalties vary by lender and term structure. Always confirm exact penalty calculations with your current lender before proceeding.

Timing Matters

Start shopping for rates 120 days before renewal. You can negotiate with your current lender or switch without penalty.

Breaking Early

If rates drop significantly, breaking early might save money despite penalties. Calculate the break-even point carefully.