Mortgage Comparison Calculator – Make Smarter Mortgage Choices
Making a mortgage decision isn’t just about picking the lowest rate—it’s about understanding the full picture. Whether you’re buying your first home, refinancing an existing mortgage, or exploring better terms, our Mortgage Comparison Calculator empowers you to make informed, confident choices. With the ability to compare up to five different mortgage options side-by-side, this tool is designed to simplify complex financial decisions and help you save thousands over the life of your loan.
Mortgage Comparison Calculator
Compare different mortgage options to find the best one for you
Property Details
Mortgage Comparison Results
Dominion Lending Centres FIN Mortgage
Mortgage Comparison Report
Generated on:
Abhishek Govani
Mortgage Agent Level 1
Originator Licence #M25000752
agovani@dominionlending.ca
Tel: 416-918-8354
Purchase Summary
Client Information
Mortgage Options Comparison
Visual Comparison
Monthly Payment Comparison
Interest Paid Comparison
Recommendation
Based on your financial situation and the comparison of different mortgage options, we recommend:
What Is a Mortgage Comparison Calculator?
A Mortgage Comparison Calculator is an intelligent online tool that helps users evaluate different mortgage offers using key variables such as:
- Interest rate
- Mortgage term
- Amortization period
- Loan amount
- Prepayment options
Instead of guessing or manually calculating using spreadsheets, this calculator gives you instant results and visual comparisons. It allows you to assess how minor changes in rate or term can impact your monthly payments and total costs.
This kind of clarity is essential, especially when banks and lenders present a variety of mortgage products. Our calculator ensures you don’t overlook details that could cost you more over time.
Why Should You Use a Mortgage Comparison Calculator?
- Save Money Over the Long Term – Small differences in mortgage rates or loan terms can add up to thousands of dollars in savings over time.
- Visualize Your Options Clearly – See how different mortgages stack up with a side-by-side breakdown of total interest paid, payment schedule, and loan costs.
Interest rates (fixed or variable)
Loan terms (1, 3, 5 years, etc.)
Amortization periods (typically 25–30 years in Canada) - Assess Prepayment Flexibility – This calculator helps you compare prepayment privileges — a major factor if you plan to make lump sum payments or pay off your mortgage early.
- Compare Variable vs. Fixed Rates – Not sure which rate type suits your needs? Plug in both options and see the projected impact instantly.
- Make Confident Decisions – Eliminate guesswork by having real numbers in front of you before locking in a mortgage deal.
Features of Mortgage Comparison Calculator
- Compare up to 5 mortgage options
- Input different interest rates, terms, and amortization periods
- View total interest paid per option
- Assess monthly and yearly payments
- Supports prepayment options
Also check out our Mortgage Payment Calculator for detailed monthly payment breakdowns.
External Resources for Canadian Homebuyers
Buying a home in Canada comes with unique challenges and opportunities. We recommend you explore the following official guides to improve your mortgage literacy:
Real-World Example
Let’s say you’re offered three different mortgage options on a $500,000 home:
| Option | Rate | Term | Amortization | Monthly Payment | Total Interest |
|---|---|---|---|---|---|
| A | 4.89% | 5 yr | 25 yrs | $2,860 | $358,000 |
| B | 5.09% | 5 yr | 30 yrs | $2,700 | $468,000 |
| C | 4.69% | 3 yr | 25 yrs | $2,800 | $345,000 |
With the calculator, you can assess which trade-offs matter to you. Is a lower monthly payment more important, or would you rather pay less interest in the long run?
Other Calculators You Might Find Helpful
To plan your mortgage effectively, consider using these tools:
- Affordability Calculator: Know how much you can afford before you start shopping.
- Land Transfer Tax Calculator: Understand closing costs in Ontario.
- CMHC Insurance Calculator: Estimate your mortgage insurance premium.