Fixed or variable?
Both strategies side by side, including what happens if rates move.
Your mortgage
Mortgage amount$500,000
Fixed rate4.89%
Variable rate5.20%
Amortization25 yrs
5-year interest difference
$8,816
Saved with a fixed rate.
Fixed payment$2,876.79
Variable payment$2,981.51
Fixed 5-year interest$114,376
Variable 5-year interest$123,193
5-year cost comparison
- Fixed
- Variable
Note: variable rates can change during your term. This assumes the variable rate stays constant.
Estimates only. Not a commitment to lend.