Mortgage Comparison Calculator: Compare Two Offers Side by Side

Most borrowers compare mortgages on one number — the rate — and stop there. But two offers with different rates, amortizations, terms and fee structures can't be ranked by rate alone. The correct comparison is the all-in cost over the term: how much interest you pay plus what it costs in cash to set the mortgage up, and how much principal is left when the term ends.

This calculator puts two offers side by side and computes all of it: the monthly payment under Canadian semi-annual compounding, the interest paid over the term, the balance remaining at maturity, and the total cost once closing costs are included. Enter each lender's offer exactly as quoted — rate, term, amortization, and every fee — and the cheaper option is the one with the lower all-in cost, not the lower headline rate.

Closing costs in this comparison mean the cash costs that differ between the two offers — not the costs of buying the home itself, which are the same no matter which lender you choose. Enter only the costs that change depending on which mortgage you take.

• Lender or broker fees — some alternative and private lenders charge 0.5–2% of the loan; most banks charge nothing.
• Appraisal fees — some lenders cover them, others charge $300–$500.
• Legal and registration fees if they differ between the options.
• Discharge and transfer fees when switching lenders at renewal — typically $300–$400, though many lenders cover them to win your business.
• Title insurance or administration fees where applicable.

Rate differences are smaller than they feel. On a $500,000 mortgage over 25 years, each 0.10% on the rate changes the monthly payment by roughly $25 — about $1,400 over a 5-year term. So an offer that's 0.15% cheaper but carries a $3,000 lender fee is the more expensive mortgage, and this calculator will show it immediately.

The same logic works in reverse for cashback mortgages and fee rebates: an offer that's 0.10% higher but rebates your legal and appraisal costs can be the better deal over a short term. Always compare over the term you actually expect to keep the mortgage — if you might move or refinance in three years, compare three-year costs, not five.

When the two offers have different amortizations, the monthly payment comparison is misleading: a 30-year amortization always shows a lower payment than a 25-year one, but leaves you with a larger balance at the end of the term. The balance-at-term-end line captures this — the fair comparison is all-in cost plus ending balance together.

Different term lengths are trickier still, because the shorter term exposes you to renewal-rate risk sooner. A 3-year fixed at 4.60% versus a 5-year at 4.85% can't be settled by math alone — compare the 3-year cost, then decide whether the potential savings are worth re-pricing the remaining balance two years earlier.