Is Refinancing Your Mortgage Worth It? Instantly Calculate the Available Equity in Your Home

Leverage the investment you've already made in your home. Our Home Equity Calculator for Ontario provides a quick and accurate estimate of your home's current market value and the potential funds you can access.

Whether you're planning a major renovation, consolidating high-interest debt, or looking for capital to invest, understanding your equity is the first step.

This tool helps homeowners in Ontario see their financial potential and explore options like a Home Equity Line of Credit (HELOC) or a cash-out refinance.

Our mortgage refinance calculator helps you instantly determine if switching your mortgage is the right financial move.

See if you can secure a lower interest rate, reduce your monthly payments, or access funds for a large project through a cash-out refinance.

Find out how much your home is truly worth in just a few clicks.

Frequently Asked Questions (FAQ)

1. What's the difference between refinancing and using a HELOC?

A refinance involves replacing your entire existing mortgage with a new, larger one. This is often done to get a better interest rate on your whole mortgage and "cash out" a lump sum of equity at the same time.

A Home Equity Line of Credit (HELOC) is a separate, second loan that acts like a revolving credit card secured against your home. You only pay interest on the amount you use. Our calculator helps you see the potential of a cash-out refinance; for a detailed comparison, it's best to Book a Free Consultation.

2. What are the best reasons to refinance my mortgage in Ontario in 2025?

In the current 2025 market, the most common reasons homeowners in Ontario choose to refinance are:

  • Securing a Lower Interest Rate: If current rates are lower than your existing mortgage, you can save thousands.

  • Debt Consolidation: Paying off high-interest debt (like credit cards or car loans) by rolling it into your low-interest mortgage.

  • Funding Major Expenses: Accessing tax-free cash for home renovations, a child's education, or investment opportunities.

  • Avoiding Renewal Shock: If your mortgage is up for renewal and your current lender's offer isn't competitive, refinancing with a new lender can be a better option.

3. How much equity can I actually access from my home in Ontario?

In Canada, you can borrow up to a maximum of 80% of your home's appraised value. Our calculator uses this rule to give you an estimate.

For example, if your home in Whitby is worth $900,000 and you owe $400,000 on your mortgage, your total loan-to-value (LTV) cannot exceed $720,000 (80% of $900k). This means you could potentially access up to $320,000 in new funds, less any associated fees.

4. What are the typical costs of refinancing a mortgage?

Refinancing isn't free, and our calculator helps you weigh the benefits against the costs. The main expenses can include:

  • Mortgage Break Penalty: If you are ending your mortgage term early, this is usually the largest cost.

  • Appraisal Fee: The lender will require an appraiser to confirm your home's current market value (approx. $400-$600).

  • Legal Fees: A lawyer or title company must handle the closing (approx. $1,000-$1,500).

  • Discharge/Registration Fees: Fees to remove the old mortgage and register the new one. We can help you get a precise estimate of these costs during a Free Consultation.

5. When is refinancing a bad idea?

Transparency is key. Refinancing may not be right if:

  • The mortgage break penalty is so large that it negates any interest savings.

  • Your credit score has dropped significantly, meaning you won't qualify for the best rates.

  • You plan to sell your home in the very near future. Our goal is to find the best financial solution for you, even if that means advising you to wait.

6. How does my location in Whitby or the Durham Region affect my refinance options?

Your location is a key factor! Property values in high-demand areas like Whitby, Ajax, and across the Durham Region have seen significant changes.

A higher current home value means you have more equity to leverage. Lenders are very familiar with the strength of the local market, which can make the appraisal and approval process smoother.