Your mortgage
Your best estimate is fine. Your annual mortgage statement has most of these.
Example numbers filled in. Replace them with yours.Know your prime discount? Add it here
Your lender's fixed offer
Use the actual conversion rate your lender quoted you, not an advertised rate.
Most lenders let you convert a variable mortgage to a fixed term without a penalty, but terms vary. Ask whether the new fixed term must be equal to or longer than what's left on your current one.
How this check works
Your rate, projected
We keep your discount from prime constant and move prime with the rate outlook you pick. Changes happen in quarter-point steps spread evenly from today until your renewal date, so your rate can climb past the fixed offer partway through the term.
Canadian mortgage math
Rates are compounded semi-annually, as Canadian mortgages are. If your payment changes with prime, it resets each time the rate moves, based on your balance and years left.
The comparison
We add up the interest you'd pay on each option from today until your maturity date. Lower interest means more of your money went to paying down the mortgage.
