Sometimes the smartest financial move is to break your mortgage early. Access your equity, consolidate debt, or lock a better rate — when the penalty math works in your favour.
80%
Max LTV access
30+
Lenders compared
$0
Broker cost
Get Your Equity Estimate
Live calculationHome Value
Mortgage Balance
$420,000Your equity
$330,000
44% of home value
Accessible equity
$180,000
at 80% LTV refinance
80% LTV max ($600,000) − your balance ($420,000) = $180,000 you could access
Book a Free Assessment80%
Max LTV you can access
$0
Cost to use a broker
30+
Lenders compared
4–8 wks
Typical close time
Break-Even Calculator
Enter your mortgage details to instantly see your estimated penalty, monthly savings, and the break-even point. This tells you whether refinancing now makes financial sense — or whether waiting for your renewal is smarter.
Remaining Mortgage Balance
Mortgage Type
Months Left on Term
24 monthsRemaining Amortization
20 yearsEstimated Penalty
Your penalty (IRD (Interest Rate Differential))
$8,500
Monthly Payment
Break-Even Point
26
months to recover penalty
26 of 24 months remaining in your term
Better to wait for renewal
Your term ends before you recover the penalty. Wait for renewal — it's only 24 months away.
* Estimates only. IRD calculations vary by lender. Always confirm your exact penalty with your current lender before proceeding.
When It Makes Sense
Refinancing is a big decision — but in the right situation, the numbers are compelling. Here are the scenarios where it typically makes strong financial sense.
Access your equity at mortgage rates — not at 19% on a credit card.
Home equity accessed through a refinance typically costs 4–5% versus 10–20% on personal loans or credit cards. If your renovation adds value to the home, the math often works strongly in your favour.
e.g. $80K reno at 4.89% vs. HELOC at 7.5% = $2,080/yr saved in interest
Roll credit cards, car loans, and lines of credit into your mortgage.
Mortgage rates are the cheapest borrowing available. Rolling $50K of 19% credit card debt into a 5% mortgage saves thousands per year — and simplifies your payments to one.
e.g. $50K at 19% = $9,500/yr interest · $50K in mortgage at 4.89% = $2,445/yr
Buy out a co-owner and restructure the mortgage in one name.
When one partner keeps the home, the mortgage needs to be refinanced to remove the departing co-borrower and fund the equity buyout. This is a time-sensitive process — a broker can coordinate with your lawyer to make it efficient.
e.g. Combined equity: $300K · Buyout: $150K · New mortgage includes buyout funds
Re-extend your amortization to reduce cash pressure today.
If your financial situation has changed — job loss, health, family change — re-extending to a 25-year amortization reduces monthly obligations. The trade-off is more interest long-term, but it can be the right move when cash flow is the priority.
e.g. $450K at 20 yrs = $2,960/mo · Same at 25 yrs = $2,590/mo = $370/mo relief
Add a co-signer to qualify, or remove one after life changes.
Adding a co-signer can improve your qualification or unlock a better rate. Removing one — after a divorce, partnership split, or family arrangement ends — requires a full refinance with re-qualification.
e.g. Adding a co-borrower can add 20–40% more qualifying income
Sometimes the math works — and sometimes it really works.
If your current rate is significantly above the market and your remaining term is long, breaking early and re-locking can save more than the penalty costs. Our Penalty Estimator above shows the exact break-even. This is the case where broker math really pays off.
e.g. Rate drop of 1.5% on $500K with 3 yrs left = $22,500 saved vs. $8,000 penalty
Not sure which category you fall into? Use the estimator above, or book a free 5-minute call — we'll tell you plainly.
Book a free callHow It Works
Five steps from decision to funded — Greenhouse guides you through all of them.
Use the estimator on this page. If the penalty vs. savings math works, move to step 2. If your renewal is within 6 months, we'll just book you for a free renewal review instead.
A 20-minute call to review your goals, equity, income, and credit. We tell you which lenders are a fit and what rate you'd qualify for. Zero cost, zero obligation.
We submit to the best-fit lender. You receive a commitment letter with your new rate, terms, and any conditions. Typical turnaround: 3–7 business days.
Most refinances require a home appraisal to confirm current value. This takes 1–3 business days and typically costs $300–$500, usually covered by the lender.
A real estate lawyer handles the title work, pays out your old lender, and funds the new mortgage. You receive any cash equity at this stage. Closing typically takes 1–2 hours.
Common Questions
The questions clients ask most before refinancing — answered without lender spin.
A free 20-minute call with a Greenhouse broker. We'll confirm your penalty, calculate the break-even, and tell you honestly whether now is the right time.