Mortgage rate cost calculator: what would this rate cost me?
Pick any rate from today's board or enter your own and see the payment, the interest over the term, the balance left at renewal and the dollar gap against a second rate. On $500,000 over 25 years, 4.50% fixed costs $2,767.36 a month and $105,024 of interest over five years.
What would this rate cost me?
Pick a rate from today's board or type your own. Payments use Canadian semi-annual compounding for fixed rates and monthly for variable.
- Interest over 5 years
- $120,385
- Balance at renewal
- $443,505
- vs 6.19%: interest
- −$25,335
- you save
- vs 6.19%: payment
- −$307.72
- a month
Estimate, not advice. Educational estimate only, not financial, mortgage, tax or legal advice. Lenders, insurers and governments set their own rules and can change them; confirm with a licensed professional before you decide.
Monthly payment $2,948.00 at 5.14%. Interest over 5 years $120,385. Saves $25,335 vs 6.19%.
| Rate ↓ / Amortization → | 15 yrs | 20 yrs | 25 yrs | 30 yrs |
|---|---|---|---|---|
| 4.14% | $3,724.74 | $3,057.57 | $2,668.19 | $2,417.37 |
| 4.64% | $3,849.49 | $3,189.15 | $2,806.41 | $2,561.96 |
| 4.89% | $3,912.66 | $3,256.00 | $2,876.79 | $2,635.71 |
| 5.14% | $3,976.35 | $3,323.53 | $2,948.00 (your inputs) | $2,710.39 |
| 5.39% | $4,040.57 | $3,391.73 | $3,020.02 | $2,785.99 |
| 5.64% | $4,105.30 | $3,460.61 | $3,092.83 | $2,862.47 |
| 6.14% | $4,236.29 | $3,600.32 | $3,240.76 | $3,018.00 |
What is driving this result
- At 5.14% your monthly payment is $2,948.00. Over the 5-year term you pay $120,385 of interest and $56,495 of principal, leaving $443,505 to renew.
- Every 0.25-point change in the rate moves the monthly payment by about $14.40 per $100,000 borrowed at this amortization.
- Compared with 6.19%, this rate saves $25,335 of interest over the term ($307.72 a month) and leaves $6,872 more owing at renewal.
Show the numbers
| Year | Principal | Interest |
|---|---|---|
| Yr 1 | $10K | $25K |
| Yr 2 | $11K | $25K |
| Yr 3 | $11K | $24K |
| Yr 4 | $12K | $24K |
| Yr 5 | $12K | $23K |
| Yr 6 | $13K | $22K |
| Yr 7 | $14K | $22K |
| Yr 8 | $15K | $21K |
| Yr 9 | $15K | $20K |
| Yr 10 | $16K | $19K |
| Yr 11 | $17K | $18K |
| Yr 12 | $18K | $18K |
| Yr 13 | $19K | $17K |
| Yr 14 | $20K | $16K |
| Yr 15 | $21K | $15K |
| Yr 16 | $22K | $14K |
| Yr 17 | $23K | $12K |
| Yr 18 | $24K | $11K |
| Yr 19 | $25K | $10K |
| Yr 20 | $27K | $9K |
| Yr 21 | $28K | $7K |
| Yr 22 | $30K | $6K |
| Yr 23 | $31K | $4K |
| Yr 24 | $33K | $3K |
| Yr 25 | $34K | $956 |
| Year | Payments | Interest | Principal | Interest to date | Balance at year end |
|---|---|---|---|---|---|
| 1 | $35,376 | $25,194 | $10,182 | $25,194 | $489,818 |
| 2 | $35,376 | $24,664 | $10,712 | $49,858 | $479,106 |
| 3 | $35,376 | $24,106 | $11,270 | $73,964 | $467,836 |
| 4 | $35,376 | $23,519 | $11,857 | $97,483 | $455,979 |
| 5 (end of term) | $35,376 | $22,902 | $12,474 | $120,385 | $443,505 |
| 6 | $35,376 | $22,253 | $13,123 | $142,638 | $430,382 |
| 7 | $35,376 | $21,570 | $13,807 | $164,207 | $416,575 |
| 8 | $35,376 | $20,851 | $14,525 | $185,058 | $402,050 |
| 9 | $35,376 | $20,095 | $15,281 | $205,153 | $386,769 |
| 10 | $35,376 | $19,299 | $16,077 | $224,452 | $370,692 |
| 11 | $35,376 | $18,462 | $16,914 | $242,914 | $353,778 |
| 12 | $35,376 | $17,581 | $17,795 | $260,495 | $335,983 |
| 13 | $35,376 | $16,655 | $18,721 | $277,150 | $317,262 |
| 14 | $35,376 | $15,680 | $19,696 | $292,831 | $297,566 |
| 15 | $35,376 | $14,655 | $20,721 | $307,486 | $276,846 |
| 16 | $35,376 | $13,576 | $21,800 | $321,062 | $255,046 |
| 17 | $35,376 | $12,441 | $22,935 | $333,504 | $232,111 |
| 18 | $35,376 | $11,247 | $24,129 | $344,751 | $207,983 |
| 19 | $35,376 | $9,991 | $25,385 | $354,742 | $182,598 |
| 20 | $35,376 | $8,670 | $26,706 | $363,412 | $155,892 |
| 21 | $35,376 | $7,279 | $28,097 | $370,692 | $127,795 |
| 22 | $35,376 | $5,817 | $29,559 | $376,508 | $98,236 |
| 23 | $35,376 | $4,278 | $31,098 | $380,786 | $67,138 |
| 24 | $35,376 | $2,659 | $32,717 | $383,445 | $34,420 |
| 25 | $35,376 | $956 | $34,420 | $384,400 | $0 |
| Total | $884,400 | $384,400 | $500,000 | $0 |
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Breaking a mortgage early? Use the penalty calculator. Choosing a rate type? Try fixed vs variable.
Assumptions & sources
Assumptions
- Fixed rates compound semi-annually (the Canadian market convention; the Interest Act requires the rate to be stated yearly or half-yearly). Variable rates compound monthly here.
- The rate stays the same for the whole term. A variable rate moves with the lender's prime rate; see the fixed vs variable calculator.
- Interest and balance figures are exact to the payment schedule; they exclude fees, insurance and property tax.
- Rates on the board are collected from each lender's own page on the date shown. They are not quotes or offers; your rate depends on your file.
Sources
- Bank of Canada — Posted conventional mortgage rate, 5-year (series V80691335) (effective October 28, 2026). Checked .
- Bank of Canada — Effective rate on new uninsured fixed mortgages, 5 years and over (series V122667786) (effective August 1, 2026). Checked .
- Bank of Canada — Effective rate on new insured fixed mortgages, 5 years and over (series V122667780) (effective August 1, 2026). Checked .
- Justice Laws — Interest Act (R.S.C. 1985, c. I-15), ss. 6 and 10. Checked .
- Financial Consumer Agency of Canada — Mortgage terms and amortization. Checked .
How this calculator works
The payment is the level amount that repays the mortgage over the amortization at your rate, using Canadian semi-annual compounding for fixed rates. We then run the full schedule to add up the interest and principal paid during your term and the balance left to renew. The comparison runs the same schedule at the second rate and subtracts.
Worked example: a quarter point on $500,000
| Rate | Monthly payment | Interest over 5 years | Balance at renewal |
|---|---|---|---|
| 4.50% | $2,767.36 | $105,024 | $438,982 |
| 4.75% | $2,837.28 | $111,016 | $440,779 |
| Mortgage | $500,000, 25-year amortization |
|---|---|
| Rates compared | 4.50% vs 4.75% |
| Term | 5 years, monthly payments |
| Payment at 4.50% → 4.75% | $2,767.36 → $2,837.28 |
| Balance at renewal | $438,982 → $440,779 |
| Extra interest over the term | $5,992 |
The 0.25-point difference costs $5,992 more interest over the term, and leaves $1,797 more owing at renewal. That's why it pays to compare an offer with today's best collected rate for the same term and insured status.
Frequently asked questions
How is a Canadian mortgage payment calculated?
Fixed-rate mortgages in Canada compound interest semi-annually, not monthly, so the monthly interest rate is (1 + rate ÷ 2)^(1/6) − 1. The payment is the level amount that pays the loan off over the amortization at that rate. Variable-rate mortgages usually compound monthly.
How much does a quarter-point change my payment?
About $13.98 a month per $100,000 at a 4.50% fixed rate over 25 years. On a $500,000 mortgage, 4.75% instead of 4.50% costs $5,992 more interest over a 5-year term.
What is the balance at renewal?
It's what you still owe when the term ends and you renew. On $500,000 at 4.50% over 25 years, $438,982 is left after 5 years: you'll have paid $105,024 of interest and $61,018 of principal.
Do accelerated bi-weekly payments save money?
Yes. Accelerated bi-weekly payments are half the monthly payment every two weeks, which adds up to one extra monthly payment a year. On $500,000 at 4.50%, that lowers the balance at renewal to $423,313 from $438,982.
Primary sources
- Bank of Canada — Posted conventional mortgage rate, 5-year (series V80691335) (effective October 28, 2026). Checked .
- Bank of Canada — Effective rate on new uninsured fixed mortgages, 5 years and over (series V122667786) (effective August 1, 2026). Checked .
- Justice Laws — Interest Act (R.S.C. 1985, c. I-15), ss. 6 and 10. Checked .
- Financial Consumer Agency of Canada — Mortgage terms and amortization. Checked .