Calculate how your mortgage will be affected as interest rates change
Graeme Bruce | CBC News | Posted: November 3, 2023 12:49 PM | Last Updated: October 23
Use this tool to compare rates and find out how much you’ll be paying
Canada has experienced the biggest interest rate increase since the 1990s, adding to costs for both would-be home buyers and current homeowners. Canadians may now see some relief as the Bank of Canada cut interest rates in June.
Enter two rates to compare how much more — or less — you could be paying weekly, bi-weekly or monthly and see how different rates can impact the total amount you'll pay over the term of your mortgage.
Methodology
CBC News consulted with Alan Marshall, a finance instructor at York University's Schulich School of Business, for the calculations. The exact formula used can be found here.
The calculations only apply to fixed-rate mortgages in Canada, which requires fixed-rate mortgages to be compounded semi-annually by law.
The results presented here are estimates and might be different from other mortgage calculators.
Note that only first-time buyers of newly constructed homes are eligible for 30-year mortgages.