Compare two mortgage options side by side to find the best fit for your situation.
Payment Difference
B saves $99/mo
Term Interest Savings
B saves $8,407
Lifetime Interest Savings
B saves $29,769
This calculator lets you set up two complete mortgage scenarios and compare them across four key metrics: regular payment amount, total interest paid during the term, remaining balance at term end, and total interest over the full amortization.
Both options use Canadian semi-annual compounding to calculate the effective monthly rate. The balance at end of term is computed by projecting the amortization schedule forward for the number of months in the selected term.
The savings summary at the bottom highlights which option is cheaper in each category. A lower monthly payment helps your cash flow, while lower total interest means less cost over the life of the mortgage. These two goals sometimes conflict — a shorter amortization has higher payments but less total interest.
Use this tool when you are deciding between two lender offers, comparing fixed vs variable rates, or evaluating different amortization lengths. Then bring your results to Ajay, who can add context like prepayment privileges, portability, and penalty structures.
A lower rate reduces your interest cost at every payment, while a shorter amortization means you pay off the mortgage faster with larger payments. The best choice depends on your cash flow. Use this calculator to compare a lower rate with a longer amortization against a higher rate with a shorter one to see the total interest difference.
On a $500,000 mortgage over 25 years, a 0.25% rate difference saves approximately $25-30 per month and roughly $7,000-$9,000 in total interest over the full amortization. The larger the mortgage and the longer the amortization, the more significant the rate difference becomes.
Yes, you can use Option A for a fixed rate and Option B for a variable rate. Keep in mind that variable rates can change over time, so the comparison shown here assumes the variable rate stays constant for the full term — which is unlikely. Use it as a starting-point comparison.
This is the remaining principal you still owe when your mortgage term expires and you need to renew. A lower balance at end of term means you have paid down more principal during the term, giving you more equity and potentially better options at renewal.
Ajay can present multiple lender options and help you choose the best mortgage for your goals.