We move the mortgage finish line closer. 5-year BMO Smart Fixed Mortgage. 2.74% / 2.71% APR*
We move the mortgage finish line closer.

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Mortgage Rates1

Current as of

%
2.71% APR*

5-year BMO Smart Fixed Mortgage

(fixed rate, closed mortgage)

%


2-year

(fixed rate, closed mortgage)

%


3-year

(fixed rate, closed mortgage)

%


5-year

(variable rate, closed mortgage)

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Option 1
Option 2
Option 3

The amortization period is the length of time it will take you to pay off your entire mortgage. The traditional amortization period is 25 years. The shorter the amortization, the less interest you will pay over the length of your mortgage. The maximum amortization period for the BMO Smart Fixed Mortgage (closed) is 25 years.

The mortgage term refers to the amount of time your mortgage contract is in effect. Your agreed-upon interest rate is in effect for that term. At the end of each term, you will need to renew your mortgage for another term.

This refers to how often you make payments on your mortgage. Traditionally, mortgage payments are made every month. By paying more frequently, you'll pay your mortgage down faster and pay less interest over the long term.

Current Interest Rate
In these calculations we assume the following: (1) the interest rate is the same for the entire amortization period, (2) interest is compounded half-yearly for fixed interest rates and monthly for variable interest rates; and (3) the payment schedule you selected is maintained with no additional payments or skipped payments, unless selected by you. This table reflects the information you enter.

The list price of the home you would like to purchase.

  • $0
  • $3,000,000

Typically, a minimum of 5% of the purchase price is required for your down payment. If your down payments are below 20%, you will also be subject to default insurance costs.

  • $0
  • $3,000,000

A minimum of 5% downpayment is required. Down payments under 20% are subject to default insurance costs. A home purchase price of greater than 1 million dollars is not eligible for mortgage default insurance and requires a minimum down payment of 20%

What's my payment?

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Message:

Your monthly payment would be

$0.00

Monthly Payment

Interest Cost

  • $0.00
    For current term
  • $0.00
    At amortization
  • $0.00
    End of term balance
  • Without lump sum payments
  • With lump sum payments

Amortization

Period Payment Principal Interest Balance

Get your home sooner, add additional payments now!

How often would you like to make an additional payment?

What is your additional payment amount?
For Most BMO closed mortgages, the maximum lump sum prepayment per calendar year is 20% of the original mortgage amount; for the 5-year BMO Smart Fixed Mortgage (closed), it is 10%

The increase to payment(s) you have entered exceeds the annual limit of allowable.

In which year will you make your additional payment?

These calculations are approximate and for information purposes only. Actual payment amounts may differ and will be determined at the time of your application. Please do not rely solely on this information or result when making financial decisions; please visit your branch or speak to a mortgage specialist.
Amortization can only be entered in full years (not months or partial years).
Mortgage amount is rounded to the nearest $1,000.
For information on understanding Mortgage Default Insurance, click here

The amortization period is the length of time it will take you to pay off your entire mortgage. The traditional amortization period is 25 years. The shorter the amortization, the less interest you will pay over the length of your mortgage. The maximum amortization period for the BMO Smart Fixed Mortgage (closed) is 25 years.

The mortgage term refers to the amount of time your mortgage contract is in effect. Your agreed-upon interest rate is in effect for that term. At the end of each term, you will need to renew your mortgage for another term.

This refers to how often you make payments on your mortgage. Traditionally, mortgage payments are made every month. By paying more frequently, you'll pay your mortgage down faster and pay less interest over the long term.

Current Interest Rate
In these calculations we assume the following: (1) the interest rate is the same for the entire amortization period, (2) interest is compounded half-yearly for fixed interest rates and monthly for variable interest rates; and (3) the payment schedule you selected is maintained with no additional payments or skipped payments, unless selected by you. This table reflects the information you enter.

The list price of the home you would like to purchase.

  • $0
  • $3,000,000

Typically, a minimum of 5% of the purchase price is required for your down payment. If your down payments are below 20%, you will also be subject to default insurance costs.

  • $0
  • $3,000,000

A minimum of 5% downpayment is required. Down payments under 20% are subject to default insurance costs. A home purchase price of greater than 1 million dollars is not eligible for mortgage default insurance and requires a minimum down payment of 20%

Get your home sooner, add additional payments now!

How often would you like to make an additional payment?

What is your additional payment amount?
For Most BMO closed mortgages, the maximum lump sum prepayment per calendar year is 20% of the original mortgage amount; for the 5-year BMO Smart Fixed Mortgage (closed), it is 10%

The increase to payment(s) you have entered exceeds the annual limit of allowable.

In which year will you make your additional payment?

Your monthly payment would be

$0.00

Monthly Payment

Interest Cost

  • $0.00
    For current term
  • $0.00
    At amortization
  • $0.00
    End of term balance

The amortization period is the length of time it will take you to pay off your entire mortgage. The traditional amortization period is 25 years. The shorter the amortization, the less interest you will pay over the length of your mortgage. The maximum amortization period for the BMO Smart Fixed Mortgage (closed) is 25 years.

The mortgage term refers to the amount of time your mortgage contract is in effect. Your agreed-upon interest rate is in effect for that term. At the end of each term, you will need to renew your mortgage for another term.

This refers to how often you make payments on your mortgage. Traditionally, mortgage payments are made every month. By paying more frequently, you'll pay your mortgage down faster and pay less interest over the long term.

Current Interest Rate
In these calculations we assume the following: (1) the interest rate is the same for the entire amortization period, (2) interest is compounded half-yearly for fixed interest rates and monthly for variable interest rates; and (3) the payment schedule you selected is maintained with no additional payments or skipped payments, unless selected by you. This table reflects the information you enter.

The list price of the home you would like to purchase.

  • $0
  • $3,000,000

Typically, a minimum of 5% of the purchase price is required for your down payment. If your down payments are below 20%, you will also be subject to default insurance costs.

  • $0
  • $3,000,000

A minimum of 5% downpayment is required. Down payments under 20% are subject to default insurance costs. A home purchase price of greater than 1 million dollars is not eligible for mortgage default insurance and requires a minimum down payment of 20%

Get your home sooner, add additional payments now!

How often would you like to make an additional payment?

What is your additional payment amount?
For Most BMO closed mortgages, the maximum lump sum prepayment per calendar year is 20% of the original mortgage amount; for the 5-year BMO Smart Fixed Mortgage (closed), it is 10%

The increase to payment(s) you have entered exceeds the annual limit of allowable.

In which year will you make your additional payment?

Your monthly payment would be

$0.00

Monthly Payment

Interest Cost

  • $0.00
    For current term
  • $0.00
    At amortization
  • $0.00
    End of term balance

What's my payment?

Print Share

Amortization

  • Option 1
  • Option 2
  • Option 3
Option 1
Period Payment Principal Interest Balance
Option 2
Period Payment Principal Interest Balance
Option 3
Period Payment Principal Interest Balance

These calculations are approximate and for information purposes only. Actual payment amounts may differ and will be determined at the time of your application. Please do not rely solely on this information or result when making financial decisions; please visit your branch or speak to a mortgage specialist.
For information on understanding Mortgage Default Insurance, click here

How much can you afford?

Annual

The total income from wages or primary source of income before taxes.

Property taxes depend on various factors. For a more accurate estimate, contact your real estate agent or the local municipality of the area that you are interested in.

Monthly

Total monthly debts such as car loans, credit cards, line of credit, etc.

Condominium fees vary depending on factors such as location, square footage and maintenance requirements. For a more accurate estimate, contact your real estate agent or the local municipality of the area that you are interested in.

These are your various household expenses like heating or hydro. For a more accurate estimate, contact your real estate agent or the local municipality of the area that you are interested in.

Mortgage

Typically, a minimum of 5% of the purchase price is required for your down payment. If your down payments are below 20%, you will also be subject to default insurance costs.

  • $0
  • $500,000

A minimum of 5% downpayment is required. Down payments under 20% are subject to default insurance costs. A home purchase price of greater than 1 million dollars is not eligible for mortgage default insurance and requires a minimum down payment of 20%

Annual gross income must be filled before downpayment can be entered.

Results

You can afford a house valued at

A minimum of 5% downpayment is required. Down payments under 20% are subject to default insurance costs. A home purchase price of greater than 1 million dollars is not eligible for mortgage default insurance and requires a minimum down payment of 20%

Other calculators

Calculations are based on the BMO Bank of Montreal posted 5 year fixed rate with a 25 year amortization and assumes no change in the interest rate for the life of the mortgage.

Amortization can only be entered in full years (not months or partial years).

Mortgage amount is rounded to the nearest $1,000.

These calculations are approximate and for information purposes only. Actual payment amounts may differ and will be determined at the time of your application. Please do not rely solely on this information or result when making financial decisions; please visit your branch or speak to a mortgage specialist.

Your Guide to Buying a Home

Where are you in the mortgage process?

Start your search with confidence

Get essential tips on your pre-approval, down payment, and everything in between.

 

How much can you afford?
Try our Affordability Calculator. 

Get ready to buy

Start down the path to home ownership.

Your mortgage basics

Understand the language, from "amortization" to "variable rates."

Know what you want

Narrow down your must-haves and nice-to-haves.

New to Canada?

We have a complete guide for you here.

Find a home

Set your priorities and build your home-buying team.

Closing the deal

Prepare for your final steps and move on in!

Your down payment

Discover the benefits of putting down 20 per cent.

Your home inspection

Get tips on finding an inspector and withdrawing an offer.

Your mortgage basics

Understand the language, from "amortization" to "variable rates."

Know what you want

Narrow down your must-haves and nice-to-haves.

New to Canada?

We have a complete guide for you here.

Review your options

Newly built or resale? House or condo? We'll help you figure it out.

Do you need an agent?

Learn how to choose a great one.

Your down payment

Discover the benefits of putting down 20 per cent.

Your home inspection

Get tips on finding an inspector and withdrawing an offer.

Renew your mortgage with confidence.

We'll help you review your options, switch to BMO, or even purchase your next property.

 

Calculate your costs
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When it's time to renew, we can help you plan for the future.

What happens at renewal?

Review your options to help make the best choice.

Switch to BMO

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Why BMO?

Get better rates and save more of your money. Plus, switching is easy and hassle-free.

Buy your next property

Learn about investing in a second home, cottage, or income property.

Mortgage options

Review your mortgage options before you find the perfect home.

What happens at renewal?

Review your options to help make the best choice.

Why BMO?

Get better rates and save more of your money. Plus, switching is easy and hassle-free.

Mortgage options

Review your mortgage options before you find the perfect home.

Compare mortgage security

Review the two main types of charges, along with the process for borrowing additional funds.

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