Mortgage decision tool
Compare mortgage offers beyond the advertised rate
Put written terms on the same balance and time period. Compare payment, interest, fees, credits, principal repayment, remaining balance, term coverage, and contract flexibility without sending your information anywhere.
Current uninsured straight-switch qualification note
OSFI says the federal minimum qualifying rate is not expected to apply when an uninsured mortgage is switched at renewal between federally regulated lenders without increasing the loan amount or remaining amortization. The new lender still decides whether to approve the application. Equity take-out, a longer amortization, other material changes, or a lender outside that framework can produce a different result. Read OSFI’s current definition.
Private, on-device comparison
Compare up to three written offers
Replace the illustrative values with terms from renewal letters, commitments, payout statements, or lender worksheets. Nothing entered here is submitted or saved.
Calculated comparison
What changes over 36 months
“Entered financing cost” means calculated interest plus entered upfront costs minus entered credits. Principal repayment is shown separately.
Like-for-like period available.Every entered rate covers the full comparison period. The lowest-cost marker is mathematical, not a recommendation.
Offer A
- Entered financing cost
- $63,715
- Monthly payment equivalent
- $3,152
- Change from current payment
- +$252
- Remaining balance
- $450,242
No comparison flags from the entered fields.
Offer B
Lowest entered cost- Entered financing cost
- $61,329
- Monthly payment equivalent
- $3,086
- Change from current payment
- +$186
- Remaining balance
- $449,023
No comparison flags from the entered fields.
| Measure | Offer A | Offer B |
|---|---|---|
| Rate and structure | 4.50% · Fixed rate | 4.25% · Fixed rate |
| Scheduled payment | $3,152 / month | $3,086 / month |
| Monthly payment equivalent | $3,152 | $3,086 |
| Interest during covered period | $63,715 | $60,129 |
| Costs minus credits | $0 | +$1,200 |
| Entered financing cost | $63,715 | $61,329 |
| Scheduled principal paid | $49,758 | $50,977 |
| Lump-sum prepayments applied | $0 | $0 |
| Remaining balance | $450,242 | $449,023 |
| Net cash paid | $113,473 | $112,306 |
| Entered rate covers period | Yes | Yes |
| Amortization | 20 years | 20 years |
| Annual lump-sum privilege | 15% entered | 20% entered |
| Portable | Yes | Not confirmed |
| Mortgage security | Standard charge | Not confirmed |
Calculation assumptions
- Interest uses the Canadian nominal annual convention compounded semi-annually.
- The entered rate is held constant only until the shorter of the entered term or comparison period.
- Planned lump sums are applied after each twelve-month anniversary and reduce later interest.
- Cash back is treated as an immediate credit; repayment clauses, taxes, and bundled-product costs are not estimated.
- Qualification, appraisal, legal work, discharge and registration charges, penalties, and lender-specific payment rules can change the result.
Collect these terms before deciding
A rate quote is not a complete mortgage offer. Ask for the actual commitment, renewal letter, or product disclosure and compare:
- Rate type and how payments change
- Term and remaining amortization
- Payment frequency and amount
- Prepayment privileges and penalty method
- Portability and conversion rights
- Standard or collateral charge
- Appraisal, legal, discharge, and setup fees
- Cash-back conditions or clawbacks
- Products required to receive the offer
- Approval, property, and document conditions
Official comparison sources
These sources explain renewal, shopping, switching, mortgage security, and penalty questions. They do not validate any offer entered above.
The lowest calculated cost is not automatically the most suitable mortgage. Variable-rate exposure, future plans, portability, penalties, lender quality, bundled products, approval conditions, and the ability to make the entered payments or prepayments may matter more than a small calculated difference.