Free tool
Mortgage comparison — rates and amortization, real savings
Compare two mortgage scenarios side by side: interest rate, amortization, monthly payment, interest paid and remaining balance. No bank connection, no signup — results appear instantly.
Verdict
Rate B saves you $2,524 over the term.
Compared with Rate A, based on payment, interest and remaining balance.
Difference / month
−$21
Rate B pays $21/month less
Interest
$1,902
Rate A pays $1,902 more in interest
Remaining balance
$622
Rate A leaves $622 more owing
Rate A
Monthly payment
$2,050
Interest over term
$69,697
Remaining balance
$346,684
Rate B
Monthly payment
$2,029
Interest over term
$67,795
Remaining balance
$346,062
Remaining balance year by year
The gap between the two scenarios widens over time.
Hover the chart (or tap it on mobile) to see exact balances for a given year.
The two curves overlap — the gap is too small to see at this scale. It is detailed below.
Gap between the two scenarios
Same year axis, but a scale of its own so the gap is visible at full resolution.
Largest gap over the term: $622.
Mortgage summary
Budget3 Mortgage Comparison
Loan amount
$400,000
Rate A
3.75 %
Rate B
3.65 %
Amortization
25 years
Term
5 years
Verdict
Rate B saves you $2,524 over the term.
| Metric | Rate A | Rate B | Difference |
|---|---|---|---|
| Monthly payment | $2,050 | $2,029 | $21 |
| Interest over term | $69,697 | $67,795 | $1,902 |
| Remaining balance | $346,684 | $346,062 | $622 |
| Total gap (interest + balance) | — | — | $2,524 |
The total gap is the sum of the interest gap and the remaining-balance gap; it matches the amount in the verdict.
Calculated with Canadian semi-annual compounding. Excludes mortgage insurance, fees, taxes and prepayment penalties. For information only — not financial advice.
budget3.ca
How it works
Enter the loan amount, term and the two scenarios to compare. The calculator shows the monthly payment, interest paid over the term and the remaining balance, then highlights the better option.
Compare two interest rates
Same loan amount, same amortization, two different rates. Useful for evaluating your bank's offer against a competitor's, or for deciding whether to renew now or later.
Compare two amortizations
Same loan amount, same rate, two amortization lengths. Useful for seeing the real cost of a longer amortization (lower payment, more interest) versus a shorter one.
Not a broker
This calculator gives numbers based on what you enter. It does not predict future rates, negotiate for you, or replace advice from a mortgage professional.
Calculated using Canadian rules
Canadian mortgages use semi-annual compounding of the annual rate. The calculator applies this rule to produce monthly payments consistent with Québec practice.
Share your scenarios
Every comparison can be encoded in the URL. Copy the link and share it with your partner, broker or advisor to discuss exact numbers.
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