What you need to know
Compare rate, term, amortization, prepayment rules, portability and exit costs. Use a current written quote for decisions; the calculator is for payment scenarios.
Request comparable written quotes.
Give each lender or broker the purchase price, down payment, occupancy, property type and preferred closing date. Ask for the same term and amortization so you can see which differences come from the rate and which come from the structure.
Confirm whether the quote is insured or uninsured, fixed or variable, and subject to conditions. Ask when it expires and whether the rate can be held. A published promotional rate may require circumstances that differ from yours.
Compare fixed and variable features.
A fixed rate provides a rate set for the term. A variable rate changes with the lender’s reference rate, but the way your payment responds depends on the product. Ask whether payments move, whether amortization can change and what happens when required thresholds are reached.
For either product, compare prepayment privileges, payment-frequency options, restrictions on refinancing and the cost to end the mortgage early. You want to understand the contract you are signing, not just the number in the advertisement.
Test the payment at more than one rate.
Use a calculator to compare the quoted rate with a higher-rate scenario at renewal. Keep the loan amount and amortization constant for the first comparison. Then test a shorter amortization to see the trade-off between a higher payment and less time in debt.
Do the exercise using your total monthly budget, including taxes, condo fees where applicable, insurance and utilities. A payment that fits on its own may be uncomfortable once the rest of home ownership is included.
What does a rate change cost?
Examples only—not today’s mortgage offers. All payments are monthly and in Canadian dollars.
At the same rate and amortization, changing the term changes the reporting period—not the monthly payment. Actual rate offers can differ by term.
Your mortgage, year by year.
Change the chart years to zoom in on your term or see more of the repayment schedule. The loan settings above update both charts.
At year 25: $0 remaining, $100,000 principal repaid and $74,481 interest paid.
The dashed line marks the end of your selected term. Beyond that date, this chart assumes the same rate continues only to illustrate the repayment path. Actual renewal rates and payments may change.
View yearly chart values
| Year | Balance | Principal repaid | Interest paid |
|---|---|---|---|
| 0 | $100,000 | $0 | $0 |
| 1 | $97,923 | $2,077 | $4,902 |
| 2 | $95,740 | $4,260 | $9,699 |
| 3 | $93,447 | $6,553 | $14,385 |
| 4 | $91,038 | $8,962 | $18,955 |
| 5 | $88,508 | $11,492 | $23,404 |
| 6 | $85,848 | $14,152 | $27,724 |
| 7 | $83,055 | $16,945 | $31,910 |
| 8 | $80,120 | $19,880 | $35,954 |
| 9 | $77,036 | $22,964 | $39,849 |
| 10 | $73,796 | $26,204 | $43,589 |
| 11 | $70,392 | $29,608 | $47,164 |
| 12 | $66,816 | $33,184 | $50,567 |
| 13 | $63,059 | $36,941 | $53,789 |
| 14 | $59,112 | $40,888 | $56,821 |
| 15 | $54,964 | $45,036 | $59,653 |
| 16 | $50,607 | $49,393 | $62,275 |
| 17 | $46,029 | $53,971 | $64,677 |
| 18 | $41,220 | $58,780 | $66,847 |
| 19 | $36,167 | $63,833 | $68,773 |
| 20 | $30,858 | $69,142 | $70,443 |
| 21 | $25,281 | $74,719 | $71,845 |
| 22 | $19,421 | $80,579 | $72,964 |
| 23 | $13,264 | $86,736 | $73,787 |
| 24 | $6,796 | $93,204 | $74,298 |
| 25 | $0 | $100,000 | $74,481 |
See the monthly cost of each rate.
This chart uses the rate range below, in 0.1 percentage-point steps. The table provides exact amounts to the cent.
Compare rates in 0.1 percentage-point steps.
For example, 5.0% to 5.1% is a 0.1 percentage-point increase. The $100,000 column stays fixed; the other columns use your mortgage balance and term.
| Rate | Monthly / $100K | Your monthly payment | Change from selected rate | Your term interest | Your ending balance |
|---|---|---|---|---|---|
| 3.0% | $473.25 | $473.25 | -$108.36 | $13,869.34 | $85,474.61 |
| 3.1% | $478.39 | $478.39 | -$103.21 | $14,341.68 | $85,638.19 |
| 3.2% | $483.57 | $483.57 | -$98.04 | $14,814.55 | $85,800.52 |
| 3.3% | $488.77 | $488.77 | -$92.83 | $15,287.93 | $85,961.60 |
| 3.4% | $494.01 | $494.01 | -$87.60 | $15,761.82 | $86,121.42 |
| 3.5% | $499.27 | $499.27 | -$82.33 | $16,236.20 | $86,279.98 |
| 3.6% | $504.56 | $504.56 | -$77.04 | $16,711.07 | $86,437.29 |
| 3.7% | $509.88 | $509.88 | -$71.72 | $17,186.40 | $86,593.33 |
| 3.8% | $515.23 | $515.23 | -$66.37 | $17,662.20 | $86,748.12 |
| 3.9% | $520.61 | $520.61 | -$60.99 | $18,138.44 | $86,901.65 |
| 4.0% | $526.02 | $526.02 | -$55.58 | $18,615.13 | $87,053.92 |
| 4.1% | $531.46 | $531.46 | -$50.15 | $19,092.24 | $87,204.92 |
| 4.2% | $536.92 | $536.92 | -$44.69 | $19,569.77 | $87,354.68 |
| 4.3% | $542.41 | $542.41 | -$39.20 | $20,047.71 | $87,503.17 |
| 4.4% | $547.93 | $547.93 | -$33.68 | $20,526.04 | $87,650.41 |
| 4.5% | $553.47 | $553.47 | -$28.13 | $21,004.76 | $87,796.39 |
| 4.6% | $559.05 | $559.05 | -$22.56 | $21,483.86 | $87,941.11 |
| 4.7% | $564.65 | $564.65 | -$16.96 | $21,963.32 | $88,084.59 |
| 4.8% | $570.27 | $570.27 | -$11.33 | $22,443.14 | $88,226.81 |
| 4.9% | $575.93 | $575.93 | -$5.68 | $22,923.31 | $88,367.78 |
| 5.0% · selected | $581.60 | $581.60 | $0.00 | $23,403.81 | $88,507.51 |
| 5.1% | $587.31 | $587.31 | $5.71 | $23,884.63 | $88,645.99 |
| 5.2% | $593.04 | $593.04 | $11.44 | $24,365.77 | $88,783.22 |
| 5.3% | $598.80 | $598.80 | $17.19 | $24,847.22 | $88,919.22 |
| 5.4% | $604.58 | $604.58 | $22.98 | $25,328.96 | $89,053.98 |
| 5.5% | $610.39 | $610.39 | $28.79 | $25,810.99 | $89,187.50 |
| 5.6% | $616.23 | $616.23 | $34.62 | $26,293.30 | $89,319.79 |
| 5.7% | $622.08 | $622.08 | $40.48 | $26,775.87 | $89,450.85 |
| 5.8% | $627.97 | $627.97 | $46.36 | $27,258.70 | $89,580.69 |
| 5.9% | $633.87 | $633.87 | $52.27 | $27,741.78 | $89,709.31 |
| 6.0% | $639.81 | $639.81 | $58.20 | $28,225.10 | $89,836.70 |
| 6.1% | $645.76 | $645.76 | $64.16 | $28,708.65 | $89,962.89 |
| 6.2% | $651.74 | $651.74 | $70.14 | $29,192.43 | $90,087.86 |
| 6.3% | $657.75 | $657.75 | $76.14 | $29,676.41 | $90,211.63 |
| 6.4% | $663.77 | $663.77 | $82.17 | $30,160.60 | $90,334.19 |
| 6.5% | $669.82 | $669.82 | $88.22 | $30,644.99 | $90,455.56 |
| 6.6% | $675.90 | $675.90 | $94.29 | $31,129.56 | $90,575.73 |
| 6.7% | $681.99 | $681.99 | $100.39 | $31,614.31 | $90,694.72 |
| 6.8% | $688.11 | $688.11 | $106.51 | $32,099.23 | $90,812.52 |
| 6.9% | $694.25 | $694.25 | $112.65 | $32,584.31 | $90,929.14 |
| 7.0% | $700.42 | $700.42 | $118.81 | $33,069.54 | $91,044.60 |
Calculation assumptions and what is excluded
Each row assumes its rate stays constant for the selected term, payments arrive monthly at the end of each period, and there are no extra payments. Interest is converted from the selected annual compounding convention to a monthly rate. Calculations keep full precision and display rounded cents; lender schedules may round differently.
Payments include principal and interest only. Property taxes, condo fees, home insurance, legal fees and lender charges are excluded. Add any financed mortgage default-insurance premium to the entered balance. This is a payment comparison, not a mortgage approval or a stress-test calculation. No future renewal rate is predicted.
If you are selling, price the mortgage exit early.
Ask the current lender for a payout estimate and the conditions for porting. A mortgage that worked well when you bought may be expensive to break before the term ends. Compare the penalty, the replacement loan and your moving timetable together.
FCAC explains that breaking a closed mortgage can involve a prepayment penalty and other costs. Get your lender’s calculation for the expected date, especially before accepting an offer with a quick possession.FCAC: breaking your mortgage contract
Keep the home search tied to the confirmed budget.
Once the lender sets a financing range, decide what payment you actually want to carry. Give Don both figures: the maximum approval and your preferred budget. That keeps property recommendations focused on the right homes.
For a sale-and-purchase move, Don can estimate the sale range and your 2% commission cost first. Your lender can then use a better estimate of available equity. Request a free home evaluation to start that planning.
Sources and further reading
Research checked September 26, 2026. Market figures below use the periods identified in the article.