Mortgages in Canada: rates, payments and penalties
Compare variable rates, see what your payment schedule really saves and learn how lenders calculate the penalty before you break a mortgage.
Edited by Krish Paul Updated October 21, 2026 3 guides
Monthly or accelerated biweekly?
See your payment and what the faster schedule saves.
Uses semi-annual compounding, the Canadian standard for fixed rates, with the rate held for the whole amortization. Open the full mortgage calculator
Start here
- Best 5-Year Variable Mortgage Rates in Canada (October 2026)Variable starts about 1.1 points below the best fixed rate, so prime would need to average 1.1 points...
- Accelerated Biweekly vs Monthly Mortgage Payments: What You Really SaveAccelerated biweekly payments save money because they add about one extra monthly payment a year, while regular biweekly...
- Mortgage Prepayment Penalty in Canada: How the IRD Is CalculatedA closed fixed mortgage penalty is usually the higher of three months' interest or the IRD, and lenders...
All mortgages and housing guides
PaymentsMortgage Prepayment Penalty in Canada: How the IRD Is CalculatedA closed fixed mortgage penalty is usually the higher of three months' interest or the IRD, and lenders that subtract your original discount from today's posted rate can charge far...
PaymentsAccelerated Biweekly vs Monthly Mortgage Payments: What You Really SaveAccelerated biweekly payments save money because they add about one extra monthly payment a year, while regular biweekly payments cost almost the same as monthly ones.
RatesBest 5-Year Variable Mortgage Rates in Canada (October 2026)Variable starts about 1.1 points below the best fixed rate, so prime would need to average 1.1 points higher for five years before fixed wins.No guide matches that search yet. Try a shorter word.
Common questions
How is a mortgage prepayment penalty calculated?
On a closed fixed mortgage it is usually the higher of three months' interest or the interest rate differential (IRD). Lenders that subtract your original discount from today's posted rate can charge far more than rate moves alone suggest. Read the guide
Do accelerated biweekly payments save money?
Yes, because they add about one extra monthly payment a year. Regular biweekly payments cost almost the same as monthly ones. Read the guide
Should I pick variable or fixed?
In our October 2026 check, variable started about 1.1 points below the best fixed rate, so prime would need to average 1.1 points higher for five years before fixed wins. Read the guide
Get the week's money news
One short email when rates, fees or rules change. No daily spam, unsubscribe anytime.
Explore more topics
General information, not financial, tax or legal advice. Figures come from the linked Gizly guides, each checked against official or provider sources on the date shown in the guide. See how we check the numbers and our affiliate disclosure.