Calculator of Rates
Determine your monthly mortgage payments based on your borrowing capacity.
*These figures and calculations are for illustrative purposes only and may not be used for contractual purposes. Certain conditions apply. Subject to change without notice.
* Some conditions may apply. Subject to change without notice. Rates may vary depending on amount borrowed, collateral offered or other factors. Contact your Mortgage Broker at Yves St-Denis Mortgage Brokers for more information.
Find the best mortgage deal.
We compare the most competitive banks and lenders in Canada for you at no cost, so you can get the best mortgage rates available today. At the top of this page, you’ll find the best mortgage rates in Canada. They are the most recent and lowest interest rates accessible, and they are updated in real time. In a few simple steps, request a mortgage estimate to discover more about the rate you could qualify for. You are under no obligation to engage in the procedure, and it is completely free.
Is it better to have a variable or fixed mortgage rate?
The difference between fixed and variable mortgage rates is whether the interest rate changes over time or remains constant. Fixed rates stay the same for the duration of your loan, but variable rates change with your lender’s prime rate (typically 5 years).
Fixed-rate mortgage rates:
Fixed mortgage rates are preferred by borrowers because they are more predictable. In reality, 5-year fixed mortgage rates will account for around 46% of all new mortgages in 2020. A fixed-rate mortgage shields you from interest rate fluctuations by assuring that your monthly payments remain stable throughout the length of your loan, regardless of market fluctuations. A fixed rate mortgage is the ideal option for you if you have a low risk appetite. You won’t have to be concerned about interest rates because you’ll know your monthly payments up front.
Fluctuating mortgage rates:
Fixed mortgage rates are often more expensive than variable mortgage rates. However, they may vary during the term of your loan. The amount you pay on a variable mortgage is affected by market changes (through the prime rate), which impacts the amount you pay. As a result, the amount of your payment may vary over time. As fixed rates rise in 2022, variable rates have become more tempting, causing more potential buyers to choose for 5-year variable rate mortgages.
Variable rates are usually less expensive than fixed rates, but they are more volatile and might be considered riskier. Variable mortgage rates, on the other hand, offer a few key benefits to consider:
You can alter your variable rate to a fixed rate at any time as long as you stay with your original mortgage provider.
It is significantly less expensive to get rid of a variable rate mortgage than it is to get rid of a fixed rate mortgage. Our mortgage penalty calculator can assist you in determining the cost of paying down your mortgage.
According to a key study published in 2001 by York University professor Moshe Milevsky, over 90% of Canadian borrowers who had a variable rate mortgage throughout the length of their loan paid less interest than those who had a fixed rate.
