Compare the cost of every borrowing choice.
Four side-by-side comparisons for Canadian borrowers — two rates at renewal, breaking a mortgage to refinance, a HELOC against a mortgage, and payments across amortizations. Hover any bar to see the interest, principal, and total.
Pick the tab that matches your decision, enter the numbers you were quoted, and read the verdict under the chart. Everything updates as you type.
Total cost by amortization
Same loan, different timelines. The bar is total cost (principal + interest). Hover for the split.
A longer amortization lowers your monthly payment. If you invest that freed-up cashflow every month into a low-cost index fund, the growth can outweigh the extra interest you pay. Pick two amortizations to compare — same mortgage amount and rate as above.
Cost over the term
What you'd pay over the term at each rate, split into principal paid down and interest. Hover for the split.
Where do I find my discount?
On the paperwork you signed at the start of this term — the mortgage commitment letter or approval, not the renewal notice and not your annual statement. It normally shows both rates, and the discount is the gap between them.
posted 6.09% − your rate 4.34% = 1.75% discountIf only one rate appears, the discount is often written into the rate itself — “posted less 1.75%” on a fixed mortgage, or “Prime less 0.90%” on a variable one. It has to be the discount on the term you are in now, not one you got on an earlier term.
Can’t find it? Ask for a written payout statement. A federally regulated lender has to explain how it calculates the prepayment charge, and the figure will be in that explanation.
Monoline or credit union? Lenders like MCAP, First National and CMLS mostly have no posted rate at all — they quote the rate you sign at, so there is no discount to add back. Leave this at 0.
Interest and principal, year by year
Every year of the mortgage, from today to the last payment. Hover any column for the split.
Total paid over the period
HELOC pays interest only; a mortgage payment also reduces principal (builds equity). Hover for the split.
The interest-only HELOC payment is lower than the amortizing mortgage payment, freeing up monthly cashflow. If you invest that difference at 5–10%, here’s how it stacks up against the equity the mortgage builds over the same period.
Let’s pressure-test the decision together.
Amortization length, the rate you renew at, and whether to lean on a HELOC all ripple through your cashflow, your taxes, and how fast you build equity. We’ll help you weigh them against the rest of your financial picture.
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