MORTGAGE REFINANCING

Make more of your home equity

Compare refinancing options for renovations, debt consolidation, major expenses, or other goals while reviewing potential savings, fees, and long-term costs.

Rates are current as of Canada
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Compare refinance rates before changing your mortgage

Refinancing can help lower payments, access home equity, consolidate higher-interest debt, or change your mortgage structure. Use RateBuddy to compare refinance rates, estimated payments, interest costs, lender choices, and savings tools before starting a refinance inquiry.

Compare Mortgage Refinance Rates in Canada

Live as of: August 17, 2026 | Canada

Customize your mortgage scenario

Adjust the purchase price, down payment, amortization, and payment frequency to see how your estimated mortgage payments change across the rate options below.

$
$
%
Yrs
Tip: Use the filter to compare payment impact quickly. Even a small rate difference can change your estimated payment and total interest over time.
Get un$tuck with a member-exclusive rate and a cash bonus up to $4,100 with a mortgage and qualifying products.
Coast Capital Savings
Interest rate
3.79 %
5 Years Variable
5 Year Variable Mortgage
Payment & interest estimate
Est. Monthly Payment $1,471
Interest in 5 years $50,609
Get un$tuck with a member-exclusive rate and a cash bonus up to $4,100 with a mortgage and qualifying products.
Coast Capital Savings
Interest rate
3.89 %
5 Years Variable
5 Year Variable Mortgage
Payment & interest estimate
Est. Monthly Payment $1,487
Interest in 5 years $51,989
Secure your rate for up to 120 days. Take advantage of generous 20/20 prepayment privileges and the flexibility to skip a payment once a year.
Meridian Credit Union
Interest rate
3.89 %
5 Years Variable
5 Year Variable Mortgage
Payment & interest estimate
Est. Monthly Payment $1,487
Interest in 5 years $51,989
Eligible mortgages may qualify for up to $5,900 in promotional value. Offer ends June 30, 2026.
RBC Royal Bank
Ratings
Google
Trustpilot
RateBuddy
Interest rate
3.95 %
5 Years Variable
5 Year Variable Closed
Payment & interest estimate
Est. Monthly Payment $1,496
Interest in 5 years $52,817
Commission-free mortgage experts providing honest advice and competitive rates through a 100% digital, transparent process.
Nesto
Interest rate
3.95 %
5 Years Variable
5 Year Variable Mortgage
Payment & interest estimate
Est. Monthly Payment $1,496
Interest in 5 years $52,817
Eligible borrowers can unlock up to $6,000 cash back or receive the lowest rate when securing a new mortgage or transferring an existing one to ATB.
ATB Financial
Interest rate
3.95 %
5 Years Variable
5 Year Variable Conventional
Payment & interest estimate
Est. Monthly Payment $1,496
Interest in 5 years $52,817
Switch to ATB and enjoy waived fees, plus a guaranteed rate hold for 120 days.
Rates guaranteed for up to 120 days. Benefit from flexible conversion options on select variable and short-term mortgages.
Laurentian Bank of Canada
Interest rate
3.95 %
5 Years Variable
5 Year Variable Mortgage
Payment & interest estimate
Est. Monthly Payment $1,496
Interest in 5 years $52,817
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Mortgage rates across Canada

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Find national mortgage offers and rates available in your province, then explore a page designed for your local market.

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NORTH Northern Canada
3 markets
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Rates by lender

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Explore mortgage rate information from major Canadian banks, regional institutions and credit unions. Compare more than the advertised rate before choosing a provider.

Will Refinancing Save You Money?

Enter your current mortgage details and a potential new rate to see how much you could save on your monthly payments and over the next five years.

Your Scenario
$
Years
%
%
Potential Monthly Savings
$0
Enter your details to see the savings.

Does Refinancing Make Sense for You?

Our decision-making toolkit helps you see the numbers clearly. Answer these key questions to find out if refinancing is the right move.

Calculate Your Savings

Compare your current payment to a new one and see your potential monthly savings.

Calculate Savings
Estimate Your Penalty

Estimate the cost of breaking your current mortgage to see if refinancing is worth it.

Estimate Penalty
Find Your Break-Even Point

Find out how many months it will take for your savings to cover the refinancing costs.

Find Break-Even
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Pro Tip: Is Refinancing Worth It?

Ask these three questions before you break your mortgage.

  • What is the penalty to break my current mortgage? This is your primary cost. Use our Penalty Estimator to get a clear idea of this number.
  • How much will I save with the new, lower rate? Calculate your potential monthly and long-term savings with our Refinance Savings Calculator.
  • What is my "break-even" point? This is the most important question. How many months will it take for your monthly savings to completely pay off the penalty and other closing costs? If you plan to stay in your home longer than the break-even point, refinancing is likely a smart move.
Find your mortgage path

Explore mortgage options based on what matters to you

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Tools and guidance

Plan your next mortgage decision

Estimate payments, test affordability, understand mortgage costs and explore practical guidance before taking your next step.

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How to compare mortgage refinance rates in Canada

Mortgage refinancing means replacing or restructuring your current mortgage, usually to get a better rate, access home equity, consolidate debt, or change your mortgage term. A lower refinance rate can help, but the full value depends on penalties, fees, remaining term, and your new payment structure.

What to compare before refinancing

Compare the refinance rate, estimated payment, interest cost, penalty to break your current mortgage, legal or appraisal costs, prepayment options, and lender flexibility. The best refinance option is the one that improves your overall cost or financial goal after all costs are considered.

Who refinancing may suit

Refinancing may suit homeowners who want to lower monthly payments, access equity for renovations, consolidate higher-interest debt, or switch into a better mortgage structure. Use the filters above and the refinance savings tools on this page to compare scenarios before contacting a lender.

Refinancing tools

Test your refinancing strategy

Estimate refinancing costs, potential savings, qualification ratios and available home equity before changing your mortgage.

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Your Refinance Decision Hub

Get clear, professional answers to the most important questions about refinancing your mortgage in Canada.

Refinancing is the process of replacing your current mortgage with a completely new one. This new mortgage pays off your old loan, leaving you with a single, updated mortgage. Homeowners do this for several strategic reasons, most often to secure a better interest rate or to access the equity they've built in their home.

What is Refinancing? illustration
There are three primary benefits:
  • Secure a Lower Rate: Lower your monthly payments and save thousands in interest.
  • Access Home Equity: A cash-out refinance provides funds for renovations, investments, or education.
  • Consolidate Debt: Roll high-interest debt into your new mortgage for a single, lower-interest payment.
Top Reasons to Refinance illustration

The ideal time to refinance is when the financial benefit outweighs the costs. You need to calculate if the savings from a new, lower interest rate will be greater than the prepayment penalty for breaking your current mortgage term early. Our calculators can help you determine your break-even point.

When is the Best Time? illustration

A renewal happens at the end of your term, allowing you to sign a new term with your existing lender, often without re-qualifying. A refinance breaks your current term to create a new mortgage, which can be with any lender. Refinancing is necessary to change your loan amount (like a cash-out) but often involves a penalty.

Refinance vs. Renewal illustration

The main cost is the prepayment penalty from your current lender. Additionally, there are other closing costs to consider, which can include legal fees, appraisal fees, and potentially a title insurance fee. It's crucial to factor all these costs into your calculation.

What are the Costs? illustration

Could a lower payment be just a few clicks away?

Whether you want to lower your monthly payment, access equity, or consolidate debt, our simple wizard helps you compare personalized offers in minutes. No commitment, just clarity.

See Your Refinance Options