Note

The Mortgage Comparison Calculator is open in the other tab within your browser for quick shuffling back and forth.

STEP 1.

Input your mortgage amount

STEP 2.

Select the type of product term i.e.,

Fixed = fixed rate mortgage
Variable = variable rate mortgage or open mortgage
BTP = CIBC's Better Than Prime mortgage - first 9 months at 1.01 below prime rate, at 0.25% below prime then remaining term
BTP Fixed = CIBC's Better Than Posted mortgage - 2.01% below 5 year posted rate for 9 months, then 0.25% below 5 year fixed rate for remaining term (4 years, 3 months)

If you select a Better than Prime or Better than Posted product, you will need to include promotional rate or "promo rate" meaning the rate for the initial period of time, PLUS the period of time that rate is available - ie.., with Better Than Prime, it's 1.01% below Prime for 9 months. You would input 3.49% and 9 months

 

STEP 3.

Input your amortization period preference - minimum is 5 years, maximum is 25 years

STEP 4.

Input your Payment Frequency preference - weekly, bi-weekly, semi-monthly, monthly.

The calculator will then provide you with the your "P&I" or Principal and Interest Payment - which is your regular payment excluding taxes, CMHC / GEMI premium (if applicable) and Creditor Insurance premium (if applicable).

IAD/Last Payment Date is the day your mortgage closes.

First Payment Date is the day your payments starts.

Promo Expiry Date is related only to the Better Than Prime and Better Than Posted products.

STEP 5.

Input Term of your Mortgage as expressed in Years or Months.

Maturity Date is when your mortgage will come up for renewal.

Balance at Maturity - this is how much you will owe at the end of your mortgage when you make all of your regular payments. This does not include any additional principal-reducing payments you may make along the way.

Interest to Maturity - is the amount of interest you will have paid through your term based on regular payments only. Making an additional principal-reducing payment or accelerating your mortgage payments will help you reduce the overall interest you have paid.

Revised AMORT is revised amortization period. Revised P&I is revised principal and interest payments based on a change in payments or amortization period.

STEP 6.

To copy the entire mortgage scenario into Option 2, click onto "Option 2". You can now adjust the rate, payment frequency, amortization or add lump sum payments or prepayment amounts that will allow you to compare the "base mortgage" example to the "option 2" example.