How is it calculated?
Enter the rate you were quoted and a lower bid. The calculator shows the monthly saving, the interest saved over the term and the lower balance at renewal.
What should I do with the result?
Use it to set a budget or a target rate, then let brokers and lenders bid on your actual mortgage. Bids include rate, penalty method, prepayment and fees, so you can compare the full cost.
Get a mortgage broker's bid too
Licensed mortgage brokers bid alongside banks, credit unions and private lenders on MortgageBids.ca. One broker bid can tap dozens of lenders, and on most prime mortgages the lender pays the broker, not you. Why use a mortgage broker · Get broker and lender bids
MBWritten by the MortgageBids.ca editorial team. Last updated October 7, 2026. General information only; your lender confirms terms for your file.
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Challenge your mortgage rate
Connect with verified brokers and lenders bidding on your mortgage. Free for homeowners, four short steps.