Compare Two Mortgages Side by Side
Set up two scenarios — a lower rate with a longer amortization, a shorter term against a longer one, a major bank against an alternative lender — and see how the payment and the total interest move.
How to Read It
What This Comparison Is Showing You
A lower rate isn’t always the cheaper mortgage. When you put two options next to each other, the monthly payment is usually the first number people look at — but the more telling figure is the total interest you pay over the term. A slightly higher rate with a shorter amortization can cost you less in the long run than a lower rate stretched over more years. The side-by-side view is meant to make that gap visible.
The numbers here use standard Canadian mortgage math. Canadian fixed-rate mortgages compound interest semi-annually, not monthly, so the payment you see should be close to what a lender would quote. That said, the result is an educational estimate, not an approval. Your actual rate depends on the lender, your down payment, the property, and how much you qualify for — none of which a calculator can confirm.
What it can’t weigh.The cost of breaking a term early, lender fees, the prepayment privileges that let you pay down faster without penalty, and the difference between a major bank and an alternative lender are all things a comparison tool can’t see. If one of your scenarios involves switching lenders or breaking a term, the penalty can change the picture entirely — our guide to mortgage penalties in BC walks through how that math works.
This is an educational estimate, not a quote. The point of putting two scenarios side by side is to see the gap between them — not to lock in an exact dollar figure. Before you choose between two mortgages, talk to a broker who can build the real numbers around your situation.
Not Sure Which Option Wins?
Two mortgages can look close on paper and play out very differently once penalties, prepayment privileges, and lender rules are in the mix. Get a real read from a broker.