Mortgage Calculator
Calculate your mortgage payments according to your borrowing capacity
*These figures and calculations are for information only and cannot be used for contractual purposes. Certain conditions apply. Subject to change without notice.
* Certain conditions may apply. Subject to change without notice. Rates may vary depending on the amount borrowed, guarantees offered or other factors. Please refer to your broker Yves St-Denis for more details.
Find the right mortgage To your needs
We compare the most competitive banks and lenders in Canada for you free of charge, so you can get the best mortgage rates available today. At the top of this page, you will find the best mortgage rates in Canada. These are the latest and lowest available interest rates, and they are updated in real time. In a few simple steps, request a mortgage estimate to learn more about the rate you may be eligible for. You do not have to engage in this procedure, and it is completely free.
Is it better to have a mortgage rate Variable or fixed?
The difference between fixed and variable mortgage rates lies in the fact that the interest rate varies over time or remains constant. Fixed rates remain the same throughout the term of your loan, but variable rates vary according to your lender’s preferred rate (usually 5 years).
Fixed mortgage rates:
Fixed mortgage rates are preferred by borrowers because they are more predictable. In reality, fixed mortgage rates over 5 years will account for about 46% of all new mortgages in 2020. A fixed-rate mortgage protects you from interest rate fluctuations by ensuring that your monthly payments remain stable throughout the term of your loan, regardless of market fluctuations. A fixed-rate mortgage is the ideal option for you if you have a low appetite for risk. You won’t have to worry about interest rates, because you will know your monthly payments from the start.
Fluctuation of mortgage rates:
Fixed mortgage rates are often more expensive than variable mortgage rates. However, they may vary during the duration of your loan. The amount you pay on a variable mortgage is affected by changes in the market (through the preferential rate), which affects the amount you pay. Therefore, the amount of your payment may vary over time. As fixed rates increase in 2022, variable rates have become more tempting, prompting more potential buyers to opt for 5-year variable rate mortgages.
Variable rates are generally cheaper than fixed rates, but they are more volatile and can be considered more risky. Variable mortgage rates, on the other hand, offer some key advantages to consider:
You can change your variable rate to a fixed rate at any time, as long as you stay with your original mortgage provider.
It is much less expensive to get rid of a variable rate mortgage than a fixed-rate loan. Our mortgage penalty calculator can help you determine the cost of repaying your mortgage.
According to a key study published in 2001 by Professor Moshe Milevsky of York University, more than 90% of Canadian borrowers who had a variable rate mortgage for the duration of their loan paid less interest than those who had a fixed rate.
