Want to find out how much and how often your mortgage payments will be? Use this calculator to compare options and find one that's right for you.
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This calculation is an estimation for informational purposes only, and does not include surcharges, applicable sales taxes, closing costs, or other fees that may be required. Actual payment amounts must be obtained from your lender. Neither ComparaSave.com nor any of its affiliates shall have any liability for the accuracy of the information contained on this page.
A Fixed Rate allows you to lock-in a set mortgage payment each month for the length of the term, without worrying about fluctuations in the bank's prime rate and the Bank of Canada's overnight rate; while a Variable Rate changes during the term with the lender's prime rate.
A Closed mortgage means you are agreeing to a term, which can range from 6 months to 10 years. If you back out of the mortgage before the term is up, you will have to pay a penalty. An Open mortgage is one where you can pay back the money you borrowed at any time, without penalty.Choosing a fixed-rate allows you to lock-in a set mortgage payment each month for the length of the term, without worrying about fluctuations in the bank's prime rate and the Bank of Canada's overnight rate.
HELOC stands for home equity line of credit and is a loan set up as a revolving line of credit with a maximum draw, rather than a fixed dollar amount with a term.