Compare two mortgage offers
The lowest rate isn’t always the cheapest offer. Enter both quotes to see what each costs over the term once fees and cash back are counted.
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How the comparison works
Each offer’s cost over the term is the interest you pay in the term, plus fees, minus cash back. Principal you repay isn’t counted as a cost, because it reduces what you owe.
Cost over the term = interest + fees − cash back
What the numbers leave out
- Penalties. A mortgage that’s cheaper on paper can cost far more if you break it early. Ask how each lender calculates its penalty.
- Prepayment privileges. Bigger lump-sum and payment-increase limits have value if you plan to use them.
- Cash-back conditions. Cash back can often be clawed back if you leave before the term ends.
Use the penalty calculator to estimate the cost of breaking each offer.
Frequently asked questions
Is a lower rate or cash back better?
It depends on the size of each. Enter both offers above: the calculator converts them into one cost figure for the same term.
Does this include the balance at the end of the term?
Yes, it’s shown for each offer, but it isn’t added to the cost. A lower rate leaves a lower balance because more of each payment goes to principal, and that’s already reflected in the lower interest.
Should I compare offers with different terms?
Not directly. A 3-year and a 5-year offer carry different renewal risk, so compare offers for the same term first.
Guides on this topic
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Every closing cost when buying a home in Canada: land transfer tax, CMHC premium sales tax, legal fees, inspection, title insurance and adjustments, with examples by province.
First-Time Home Buyer Programs in Canada (2026 Checklist)
Every major first-time buyer benefit in Canada for 2026: the FHSA, RRSP Home Buyers' Plan, 30-year amortization and land transfer tax rebates.
Minimum Down Payment in Canada (2026 Rules)
The minimum down payment for any home price in Canada, with examples, the $1.5 million insured cap, and where your down payment can come from.
The Canadian Mortgage Stress Test Explained (2026)
How the OSFI stress test works in 2026, how it limits what you can borrow, when it applies at renewal, and practical ways to pass it.
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