Compare the whole offer
An attractive percentage is a starting point. Put dated offers on the same footing before choosing between them.
Keep the payments visible.
Change a value to compare a constant-rate scenario. All amounts are CAD.
Monthly payments; semi-annual compounding. Select a horizon within your amortization.
Estimates exclude fees, tax, mortgage insurance, prepayments and future rate changes. A lender’s contract and rounding can differ.
See the complete monthly ledger (60 rows)
| month | payment | interest | principal | balance |
|---|---|---|---|---|
| 1 | $1,744.81 | $1,237.17 | $507.64 | $299,492.36 |
| 2 | $1,744.81 | $1,235.08 | $509.73 | $298,982.63 |
| 3 | $1,744.81 | $1,232.98 | $511.83 | $298,470.80 |
| 4 | $1,744.81 | $1,230.87 | $513.94 | $297,956.86 |
| 5 | $1,744.81 | $1,228.75 | $516.06 | $297,440.80 |
| 6 | $1,744.81 | $1,226.62 | $518.19 | $296,922.61 |
| 7 | $1,744.81 | $1,224.48 | $520.33 | $296,402.28 |
| 8 | $1,744.81 | $1,222.34 | $522.47 | $295,879.81 |
| 9 | $1,744.81 | $1,220.18 | $524.63 | $295,355.18 |
| 10 | $1,744.81 | $1,218.02 | $526.79 | $294,828.39 |
| 11 | $1,744.81 | $1,215.85 | $528.96 | $294,299.43 |
| 12 | $1,744.81 | $1,213.67 | $531.14 | $293,768.29 |
| 13 | $1,744.81 | $1,211.48 | $533.33 | $293,234.96 |
| 14 | $1,744.81 | $1,209.28 | $535.53 | $292,699.43 |
| 15 | $1,744.81 | $1,207.07 | $537.74 | $292,161.69 |
| 16 | $1,744.81 | $1,204.85 | $539.96 | $291,621.73 |
| 17 | $1,744.81 | $1,202.62 | $542.19 | $291,079.54 |
| 18 | $1,744.81 | $1,200.39 | $544.42 | $290,535.12 |
| 19 | $1,744.81 | $1,198.14 | $546.67 | $289,988.45 |
| 20 | $1,744.81 | $1,195.89 | $548.92 | $289,439.53 |
| 21 | $1,744.81 | $1,193.62 | $551.19 | $288,888.34 |
| 22 | $1,744.81 | $1,191.35 | $553.46 | $288,334.88 |
| 23 | $1,744.81 | $1,189.07 | $555.74 | $287,779.14 |
| 24 | $1,744.81 | $1,186.78 | $558.03 | $287,221.11 |
| 25 | $1,744.81 | $1,184.48 | $560.33 | $286,660.78 |
| 26 | $1,744.81 | $1,182.16 | $562.65 | $286,098.13 |
| 27 | $1,744.81 | $1,179.84 | $564.97 | $285,533.16 |
| 28 | $1,744.81 | $1,177.51 | $567.30 | $284,965.86 |
| 29 | $1,744.81 | $1,175.18 | $569.63 | $284,396.23 |
| 30 | $1,744.81 | $1,172.83 | $571.98 | $283,824.25 |
| 31 | $1,744.81 | $1,170.47 | $574.34 | $283,249.91 |
| 32 | $1,744.81 | $1,168.10 | $576.71 | $282,673.20 |
| 33 | $1,744.81 | $1,165.72 | $579.09 | $282,094.11 |
| 34 | $1,744.81 | $1,163.33 | $581.48 | $281,512.63 |
| 35 | $1,744.81 | $1,160.93 | $583.88 | $280,928.75 |
| 36 | $1,744.81 | $1,158.53 | $586.28 | $280,342.47 |
| 37 | $1,744.81 | $1,156.11 | $588.70 | $279,753.77 |
| 38 | $1,744.81 | $1,153.68 | $591.13 | $279,162.64 |
| 39 | $1,744.81 | $1,151.24 | $593.57 | $278,569.07 |
| 40 | $1,744.81 | $1,148.80 | $596.01 | $277,973.06 |
| 41 | $1,744.81 | $1,146.34 | $598.47 | $277,374.59 |
| 42 | $1,744.81 | $1,143.87 | $600.94 | $276,773.65 |
| 43 | $1,744.81 | $1,141.39 | $603.42 | $276,170.23 |
| 44 | $1,744.81 | $1,138.90 | $605.91 | $275,564.32 |
| 45 | $1,744.81 | $1,136.40 | $608.41 | $274,955.91 |
| 46 | $1,744.81 | $1,133.89 | $610.92 | $274,344.99 |
| 47 | $1,744.81 | $1,131.38 | $613.43 | $273,731.56 |
| 48 | $1,744.81 | $1,128.85 | $615.96 | $273,115.60 |
| 49 | $1,744.81 | $1,126.31 | $618.50 | $272,497.10 |
| 50 | $1,744.81 | $1,123.76 | $621.05 | $271,876.05 |
| 51 | $1,744.81 | $1,121.19 | $623.62 | $271,252.43 |
| 52 | $1,744.81 | $1,118.62 | $626.19 | $270,626.24 |
| 53 | $1,744.81 | $1,116.04 | $628.77 | $269,997.47 |
| 54 | $1,744.81 | $1,113.45 | $631.36 | $269,366.11 |
| 55 | $1,744.81 | $1,110.84 | $633.97 | $268,732.14 |
| 56 | $1,744.81 | $1,108.23 | $636.58 | $268,095.56 |
| 57 | $1,744.81 | $1,105.60 | $639.21 | $267,456.35 |
| 58 | $1,744.81 | $1,102.97 | $641.84 | $266,814.51 |
| 59 | $1,744.81 | $1,100.32 | $644.49 | $266,170.02 |
| 60 | $1,744.81 | $1,097.66 | $647.15 | $265,522.87 |
Method, assumptions and limitations
Mortgage payment uses the pinned MITEY payment engine: periodic rate = (1 + annual nominal rate / 2)^(2/12) − 1; payment = principal × periodic rate / (1 − (1 + periodic rate)^−number of payments). At zero interest, divide principal by the number of payments. The monthly-loan tab uses 12 compounding periods instead of 2.
Each ledger row rounds interest and the regular payment to cents, subtracts principal paid, and caps an early payoff at the remaining balance plus interest. At the final amortization month it adjusts the payment to clear any cent-rounding residual. The rate and payment are held constant. A short displayed horizon does not repay the whole amortization. Savings uses (1 + APY)^(1/12) − 1; interest is rounded monthly and the entered deposit is added at each month end. APY is not applied a second time.
Balances and deposits must be in whole cents. Rates are limited to 0–50%, amortization to 1–40 whole years, and savings to 600 months; scenarios beyond safe integer-cent arithmetic are refused.
Rate comparisons do not forecast the Bank of Canada, offer a lender quote, calculate a break penalty or assess eligibility. Banks may use different compounding, daily interest or rounding. Get written terms for a real offer.
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Use equal assumptions
Compare the same principal, amortization, payment frequency and compounding convention. A lower monthly payment created by extending the amortization is not the same as a lower rate. The two-rate worksheet shows both payments, interest over your horizon and remaining balances.
Record the features
Retain the offered rate and date, lender, rate type, term, rate-hold deadline, eligibility conditions and any advertised restriction. Do not assume that a posted rate, insured offer or promotional quote applies to you.
- Write down prepayment privileges and how an early-exit charge is calculated.
- Ask about portability, refinancing limits and restrictions on assignment.
- Include appraisal, legal, discharge and other costs when relevant.
Fixed and variable trade-offs
A fixed contract offers rate certainty during its term, while a variable contract can expose you to increases or decreases. Payment mechanics and penalties depend on the actual agreement. An expected policy move is not a guarantee, and a comparison should not assume a favourable future path.
Savings comparison notes
For a savings account or GIC, compare the effective return over the same number of days, including promotional expiry, new-money rules, minimum balances, withdrawal access and fees. Confirm the institution and product’s applicable deposit-insurance eligibility directly.