Compare different mortgage rates and scenarios to find the best option for you
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Add and compare different rate scenarios
This free Canadian mortgage rate comparison calculator lets you compare up to five mortgage rate scenarios side by side (fixed, variable, or a combination of both). Enter your mortgage balance, choose your amortization period (25 or 30 years) and your mortgage term (typically 1 to 5 years in Canada), then add each rate scenario you want to evaluate. The calculator shows your payment amount, total interest paid over the term, and your remaining mortgage balance at renewal for each scenario.
Many Canadians confuse amortization with mortgage term. Your amortization period is the total length of time it would take to fully pay off your mortgage, most commonly 25 years. Your mortgage term is how long your current interest rate agreement lasts, typically 3 or 5 years, after which you renew at whatever rates are available. This calculator sizes your payments against the full amortization so the numbers are accurate, but shows results only for the length of your current term, giving a clearer picture of costs within that period.
A fixed rate mortgage locks in your interest rate for the entire term, giving you predictable payments and protection from rate increases. A variable rate mortgage fluctuates with the lender's prime rate, which can mean lower costs when rates fall but higher payments when they rise. Use the rate change feature to model how a variable rate mortgage would perform if rates rise or fall mid-term, and compare it directly against a fixed rate alternative.
Canadian lenders offer two types of variable rate mortgages. A variable payment variable rate mortgage adjusts your actual payment amount whenever the prime rate changes. Your payment goes up when rates rise and down when they fall. A fixed payment variable rate mortgage keeps your payment amount the same regardless of rate changes, but adjusts how much of each payment goes toward interest vs. principal. If rates rise significantly, more of your payment covers interest, which can extend your amortization or trigger a trigger rate where the lender requires you to increase your payment. Fixed payment variable mortgages offer payment stability with variable rate exposure, and are common with many major Canadian lenders.