Compare real payments across banks, credit unions, monoline and private lenders, with the stress test, CMHC insurance and Ontario land transfer tax calculated rather than mentioned. Every figure carries the assumption behind it.
Payment $4,220/mo, $4,220 a month at 5.09%. Cash to close $210,710. Refreshing the lender comparison.
Your rate is fixed for the term, not for the amortization. At the end of 5 years you owe the balance below and you borrow it again at whatever rates are then. That single event moves your payment more than any choice you make today.
Over the first term, $171,432 goes to interest and $81,758 comes off the balance. Front-loaded interest is not a fee: it is what it costs to have the whole balance outstanding, and it is why the balance barely moves early.
| Renewal rate | New payment | Change | A year |
|---|---|---|---|
| 3.09% | $3,558 | -$662 | -$7,945 |
| 4.09% | $3,881 | -$338 | -$4,060 |
| 5.09% (your rate today) | $4,220 | $0 | $0 |
| 6.09% | $4,572 | +$352 | +$4,227 |
| 7.09% | $4,937 | +$717 | +$8,610 |
| 8.09% | $5,315 | +$1,095 | +$13,139 |
| 9.09% | $5,704 | +$1,484 | +$17,804 |
The top of that band, 9.09%, is +$17,804 a year against what you pay now. That is the figure to test your household against before you sign, because nobody will ask you to requalify at renewal: since November 2024 a straight switch to a new lender at renewal is exempt from the stress test, so the payment can rise well past what a lender would approve you for today and it is still your payment.
Renewal payments here are calculated on semi-annual compounding over the remaining amortization, with no lump sum applied and no change to the amortization. A rate for a term starting 5 years from now cannot be known, so the band is a range of outcomes and not a forecast.
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