Mortgage Blend & Extend

Current Mortgage
Mortgage amount outstanding

200,000

Interest rate (maximum value 16%)

3.500%

Remaining term in months (maximum value 120)

Input Error: Remaining term
The remaining term must be less than the new term.

New Mortgage
Amount added to current mortgage

Amount added
Enter $0 if the mortgage is remaining the same size.

100,000

Interest rate on additional mortgage (maximum value 16%)

2.500%

Total amount of new mortgage

300,000

New term in months (maximum value 120)

Input Error: New term
The new term must be greater than the remaining term.

Results

Mortgage Interest Rates

Current Rate

New Rate

Blended Rate

Assumptions
The mortgage interest rates are fixed for the term and the payment frequency is monthly.

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Mortgage Blend & Extend

A blended mortgage is a way of refinancing your mortgage without breaking your current mortgage and paying a prepayment penalty.

With a blend and extend mortgage, you combine the interest rate from a current mortgage with the rate from a new mortgage, blending them into a new interest rate and extending the term of your mortgage.

Your new blended mortgage interest rate will be somewhere between the interest rate on your current mortgage and the rate on the new mortgage.

Your Current Mortgage
Mortgage amount outstanding	A	$200,000
Interest rate		3.00%
Remaining term (months)		60
Blend With:
Additional mortgage amount	B	$100,000
Interest rate		2.00%
Total amount of new mortgage	A+B	$300,000
New term (months)		$2,000

Assumptions
The mortgage interest rates are fixed for the term and the payment frequency is monthly.