Which mortgage offer costs less?
Enter the mortgage amount and amortization, then the rate, term, fees and any cash back for each offer. Leave the third offer at 0% to compare two.
Your estimate
LOWEST COST PER YEAR
How this is estimated
What the calculator assumes.
Net cost. Interest paid over the offer’s term, plus fees, minus cash back. Cost per year lets you compare terms of different lengths; what happens at renewal is unknown, so a shorter term carries rate risk.
Beyond the rate. Compare prepayment privileges, the penalty to break the mortgage, portability and whether it is a collateral charge. Cash back usually has to be repaid if you break the mortgage early. See the open vs closed guide and the penalty calculator.
Payments. Monthly, with semi-annual compounding as on Canadian fixed-rate mortgages.
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