Calculator Secondary Suite Refinance
The $80K federal suite loan was never implemented — this is the program that actually exists. Model an insured refinance up to 90% of your home's post-renovation value (capped below $2M, 30-year amortization) to build a legal secondary suite, including the CMHC premium and the Multigenerational Home Renovation Tax Credit.
Secondary Suite Refinance Calculator
The $80K federal suite loan was never implemented — this is the program that actually exists. Model an insured refinance up to 90% of your home's post-renovation value (capped below $2M, 30-year amortization) to build a legal secondary suite, including the CMHC premium and the Multigenerational Home Renovation Tax Credit.
Program Eligible
Yes
Post-Renovation Value
$775,000
Maximum Insured Loan (90%)
$697,500
New Mortgage Amount
$645,000
Funds Unlocked for Construction
$175,000
Funding Shortfall
$0
Loan-to-Value After Refinance
83.2%
Insurance Premium Rate
6.4%
Insurance Premium
$11,200
Total New Mortgage
$656,200
New Monthly Payment
$3,309
MHRTC Tax Credit
$0
Estimates only, not a quote. Post-renovation value is assumed to equal current value plus construction cost — your lender's appraisal may differ, which changes the numbers. Premiums follow CMHC's published homeowner refinance schedule (lesser of premium on total loan or on the increase, plus 0.20% beyond 25-year amortization); provincial sales tax on the premium is not included. The property's as-improved value must be below $2M, one unit must be owner- or family-occupied, and the suite must be a legal, self-contained long-term rental. Breaking a fixed mortgage mid-term may trigger a prepayment penalty not modeled here. The MHRTC requires the suite to house a senior (65+) or DTC-eligible family member. All payments use Canadian semi-annual compounding per the Bank Act. Consult a licensed mortgage professional.
All calculations use Canadian semi-annual compounding per the Bank Act. These results are estimates for educational purposes only and do not constitute financial advice. Speak with a licensed mortgage broker for advice specific to your situation.
API Access for Developers & AI Agents
This calculator is available as a free JSON API. AI agents, chatbots, and developers can send mortgage data and get instant results.
POST /api/calculate/secondary-suite-refinance
{
"homeValue": 600000,
"mortgageBalance": 470000,
"renoCost": 175000
}
Related Calculators
CMHC Insurance
Compare 19% down (insured, lower rate) vs 20% down (uninsured) to see which strategy saves you more over 5 years. Uses Canadian semi-annual compounding.
Open →Cost of Borrowing
See the true cost of your mortgage: total interest paid, effective annual rate, cost per dollar borrowed, and how a 1% rate change impacts your bottom line. Uses Canadian semi-annual compounding.
Open →IRD Penalty
Calculate your Interest Rate Differential (IRD) penalty for breaking a fixed mortgage early. Shows the penalty amount, breakeven timeline, and whether switching lenders actually saves you money.
Open →Estimates only, not a quote. Post-renovation value is assumed to equal current value plus construction cost — your lender's appraisal may differ, which changes the numbers. Premiums follow CMHC's published homeowner refinance schedule (lesser of premium on total loan or on the increase, plus 0.20% beyond 25-year amortization); provincial sales tax on the premium is not included. The property's as-improved value must be below $2M, one unit must be owner- or family-occupied, and the suite must be a legal, self-contained long-term rental. Breaking a fixed mortgage mid-term may trigger a prepayment penalty not modeled here. The MHRTC requires the suite to house a senior (65+) or DTC-eligible family member. All payments use Canadian semi-annual compounding per the Bank Act. Consult a licensed mortgage professional.