Get a sense for your mortgage payments, the cash you’ll need to close, and the monthly carrying costs with Ratehub.ca’s mortgage payment calculator.

In Canada, mortgage rates come in two forms: variable rates and fixed rates. Variable rates will change over the course of your mortgage term alongside variations in your lender’s prime rate. That means your mortgage payments may change from month to month (depending on the conditions of your mortgage).

The alternative to a variable rate is a fixed rate, which stays the same for your entire mortgage term, resulting in stable rates. Historically, variable rates tend to be less costly than fixed rates over the long term. In today’s market, this is the opposite.

*NOTE: This does not include other fees including on closing, such as Land Transfer Tax (Provincial and/or Municipal), Legal fees, Property Tax / Maintenance fees (for townhouses/condominiums), insurance, etc.