Mortgage Rate Comparator
Compare up to 3 mortgage scenarios side by side. Enter different rates, terms, and amortizations to see which option saves you the most money.
Scenario A
Scenario B
How to Compare Mortgage Scenarios
Why Compare Scenarios?
- See exact dollar differences between offers
- Compare competing lender quotes
- Test different amortization strategies
- Evaluate short-term vs long-term costs
- Make data-driven mortgage decisions
Term vs Amortization
- Term: length of your rate contract (1-10 years)
- Amortization: total payoff time (15-30 years)
- Shorter amortization = higher payments, less interest
- You renew at end of each term
- Compare 25yr vs 30yr amortization side by side
Rate Types Matter
- Fixed: semi-annual compounding (Canadian law)
- Variable: monthly compounding
- Same nominal rate = different effective rate
- Each scenario can be fixed or variable
- Compare a fixed offer vs a variable offer directly
Pro Tip
Use this tool when you receive multiple mortgage offers. Enter each lender's quoted rate, term, and amortization to see exactly which offer saves you the most — both during the term and over the full life of your mortgage. A small rate difference can add up to tens of thousands of dollars over 25 years.
Related Resources & Tools
📊 Fixed vs Variable Guide
Complete guide to choosing between fixed and variable rates in BC's market, with decision frameworks.
Open Rate Type Comparator →🏠 Down Payment Planner
Calculate your minimum down payment and explore savings strategies for your target home price.
Plan Your Down Payment →🛡️ Mortgage Insurance Estimator
See if you need mortgage insurance and estimate the premium based on the latest CMHC rules.
Estimate Insurance →📋 Closing Cost Estimator
Estimate all the costs beyond your down payment — legal fees, property transfer tax, and more.
Estimate Closing Costs →Need help choosing between mortgage options?
Book a Free Consultation →Ready to get started?
Apply Now →Frequently Asked Questions
How does this mortgage rate comparator work?
Enter the details for up to 3 mortgage scenarios — including mortgage amount, interest rate, rate type (fixed or variable), amortization, and term. The calculator uses accurate Canadian mortgage formulas to compute your payment, total interest, balance at term end, and total cost for each scenario. It then highlights the best option for each metric.
Why does fixed vs variable rate type matter in the comparison?
Canadian mortgages use different compounding methods. Fixed rates compound semi-annually (twice per year), while variable rates compound monthly. This means the same nominal rate produces slightly different effective rates and payments depending on the type. This calculator handles both correctly.
What is the difference between mortgage term and amortization?
The amortization is the total time to pay off your mortgage (typically 25 years). The term is the length of your current rate contract (typically 1-5 years). At the end of each term, you renew at current rates. Your amortization continues across multiple terms. This tool lets you compare scenarios with different combinations of both.
Why are all scenarios using the same payment frequency?
Payment frequency is shared across all scenarios to ensure a fair apples-to-apples comparison. If one scenario used monthly payments and another used accelerated bi-weekly, the payment amounts would not be directly comparable. You can change the frequency and recalculate to see how it affects all scenarios equally.
What does "Balance at Term End" mean?
This is the remaining mortgage balance when your current term expires and you need to renew. A lower balance at term end means you paid down more principal during the term. This is important because at renewal, your new payments will be calculated on this remaining balance at whatever rate is available.
How accurate are these calculations?
This calculator uses proper amortization schedule traversal for accurate results, including correct Canadian semi-annual compounding for fixed rates and monthly compounding for variable rates. However, actual costs may vary due to lender-specific fees, prepayment options, and rate changes during variable terms. Consult a mortgage professional for exact quotes.
Important Disclaimer
This calculator is for illustrative purposes only and should not be considered as financial advice. Calculations use standard Canadian mortgage formulas with semi-annual compounding for fixed rates and monthly compounding for variable rates. Actual mortgage rates and payment amounts may vary by lender. Mortgage qualification is subject to credit score, income verification, debt ratios, and stress test requirements. Please consult with a licensed mortgage professional for personalized advice and current rates.