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The real Canadian math: semi-annual compounding, the stress test, penalties, and closing costs. No sign-up.
The lowest rate isn't the cheapest mortgage. Most people break their term early, and a low-rate lender with a posted-rate penalty can cost far more than a fair-penalty lender charging slightly more. This puts rate and penalty in the same picture.
Often 0.10–0.25% higher
Low-rate lender (4.79%)
$86,619
interest $66,116 + penalty $20,503
Fair-penalty lender (4.99%)
$74,504
interest $68,909 + penalty $5,595
Breaking in year 3, the "pricier" fair-penalty lender is $12,115 cheaper overall.
Total cost of borrowing over the years you actually hold the mortgage = interest paid + the break penalty if you leave early. A lender who charges 0.10–0.25% more but calculates penalties fairly often costs less once you break, which most people eventually do. This is an illustration; ask each lender for their exact rate and penalty method, and weigh prepayment privileges and fees too.
Estimates for information only, using Canadian semi-annual compounding and current federal figures. Not mortgage advice; your actual rate, payment, penalty, and approval are set by the lender.