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Canadian HELOC vs. Refinance Analyzer

Compare the true cost of keeping your current mortgage and adding a HELOC versus breaking your mortgage and refinancing the entire amount.

Financial Details

Current Mortgage Details

$
%
$

Additional Funds Needed

$

New Rates

%
%

Comparison Over Months

Recommendation

Savings vs other

Option A: Current Mortgage + HELOC

Blended Interest Rate %
Total Interest (Over mo)
Break Penalty Paid $0
Total Cost (Interest + Penalty)
Combined Monthly Payment /mo

Option B: Break & Refinance

New Interest Rate %
Total Interest (Over mo)
Break Penalty Paid
Total Cost (Interest + Penalty)
New Monthly Payment /mo

* Calculations are based on Canadian semi-annual compounding for mortgages. The HELOC interest is calculated as interest-only using simple monthly compounding, typical for Canadian HELOCs. The comparison timeframe is the remaining term of your current mortgage.

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