Mortgage Refinance Calculator - 2025

This calculation is based on the current property value and the mortgage amount you currently owe to your bank or financial institution.
In Ontario Canada most of the banks or private lenders lends you money based on the equity of your property at the very low cost (with mortgage interest rate).
What they need is to be able to secure their money with a real property. To be able to secure the loan they will only pay you the amount up to a certain percentage of your property value, it's called LTV (Loan To Value).

The amount you can have is completely depends on the financial institution you are dealing with. They will approve you up to some percentage point of your property value.
The amount you can easily get approved for with any financial institutions or banks is 80% of your property value.
For example, if you have a house worth $800,000 and your mortgage is $400,000 then the bank will approve you for additional $240,000 mortgage. $400,000 + $240,000 = $800,000 x 80%
You can get approved for up to 95% of your property value with some private lenders but the rate might be higher.

The answer is yes; in some cases the following charges might be applied.

• Appraisal fee (to appraise your current property value)
• Mortgage Cancelation Penalty; you might need to cancel your current mortgage contract and sign up with a new one
  (to calculate the penalty click here)
• Higher Mortgage Rate; If you apply for more than 80% of your property value you might end up with higher mortgage rate
• Mortgage Default Insurance; If you apply for more than 80% of your property value lender might ask you to pay for mortgage default insurance
  (to calculate the mortgage default insurance click here)