The bank's offer next to a brokered one. A 3-year fixed against a 5-year. Variable against fixed. With or without an annual prepayment. See monthly payment, total interest over the term, and how much you'd still owe at the end of it.
Loan amount, rate, amortization, term, and any annual prepayment - e.g. the bank's offer.
The same fields for a second option - e.g. a brokered offer.
See both scenarios side by side over the term you set.
Total cost combines interest paid and the balance still owed at maturity - the most honest single number for comparison.
Two mortgages can have the same rate and very different total costs. Amortization is the obvious lever - a 30-year amortization has a lower monthly payment but pays more interest over the same term than a 25-year one.
That's why this calculator compares total cost over the term, not just rate. "Cheapest mortgage" depends on how you actually plan to live with it.
Two things this tool can't price for you: portability (can you move the mortgage to a new home without breaking it?) and penalty structure (Big Bank IRD penalties can be 5–10× a fair-value penalty from a monoline lender).
Send me the actual commitment letters and I'll line up the things the calculator can't see.
Tools built by Jeremy LaHaie, mortgage professional with INVIS Inc., serving Winnipeg, Ste Anne, Steinbach, and all of Southeast Manitoba. Call or text (204) 995-7336.