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.
Monthly payment$2,948.00at 5.14% fixed, 25-year amortization
- 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
Worth asking forA 1.05%-point lower rate on $500,000 is worth $25,335 over a 5-year term. Lenders' special rates are usually well below their posted rates; ask your lender to match.
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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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 .
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