Free Tool — 2026
The True Cost of Your Mortgage — See Every Dollar
Most Canadians focus on the monthly payment. This calculator shows the full picture — total interest paid, what a lower broker rate saves you over time, and how prepayments can shave years off your mortgage.
Your Mortgage Details
Monthly Payment
$2,992
Monthly Payment
$2,995
Monthly Savings
$3
Principal vs Interest Breakdown
Prepayment Calculator
See how extra payments could save you years
Ready to get the lower rate?
A licensed broker can match or beat the rate in your calculator — at no cost to you.
Get My Free Rate →What This Calculator Shows You
This tool runs three side-by-side calculations using your inputs — giving you a complete picture that typical bank calculators deliberately hide.
Panel 1: At Your Rate
Your payment, total paid over the full amortization, and how much of your home price goes to interest at the broker rate.
Panel 2: At Bank Rate
The same calculations at the average bank-posted rate — showing how much more you pay by not shopping around.
Panel 3: Broker Advantage
Monthly, annual, 5-year, and lifetime savings from choosing the broker rate — real dollars you keep in your pocket.
How Prepayments Change Everything
The prepayment section of this calculator reveals one of the most powerful tools in a homeowner's arsenal. Because interest accrues on your outstanding balance, every dollar paid to principal today eliminates future interest that would otherwise compound over years.
Canadian mortgages typically allow 10–20% annual prepayment of the original principal without penalty. On a $600,000 mortgage, that's up to $120,000 per year you can pay down penalty-free. Even modest regular prepayments of $200–$500/month can shorten a 25-year mortgage by 3–5 years and eliminate $40,000–$80,000 in interest.
The accelerated bi-weekly payment option works similarly — you make 26 half-payments per year instead of 24, effectively making one full extra monthly payment annually. This alone typically saves 2–3 years on a 25-year mortgage.
Why Broker Rates Are Lower
The rate gap between brokers and banks is structural, not temporary. Mortgage brokers are volume intermediaries — they send high volumes of mortgages to dozens of lenders and receive wholesale pricing in return. Banks set retail rates that include branch network costs, advertising budgets, and shareholder margins.
In Canada, the broker pays nothing — and neither do you. Lenders compensate brokers directly through finder fees, typically 0.85–1.0% of the mortgage amount. This creates an unusual situation where the party fighting for your lowest rate is paid by the lender who wants to charge you more.
The result is that broker-sourced mortgages in Canada average 0.30–0.70% below bank-posted rates on equivalent products. On a $600,000 mortgage over 25 years, each 0.10% of rate difference is worth roughly $7,000–$10,000 in interest over the full amortization. Learn more in our Broker vs Bank honest comparison guide.