We move the mortgage finish line closer. 5-year BMO Smart Fixed Mortgage. 2.74% / 2.76% APR*
We move the mortgage finish line closer.

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Mortgage Rates1

Current as of

%
2.76% 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 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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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.
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.

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.

Where are you in the mortgage process?

I need a mortgage

Start searching for a home with confidence. We’ll help you understand the mortgage process so you can comfortably close the deal.

Determine your borrowing needs

See how much you can afford by considering your total household income.

Just starting out

Get on the path towards home ownership. New to Canada? We offer a guide for you here.

Your mortgage basics

Learn these basic mortgage terms and start the process with confidence.

Today's wants/
tomorrow's needs

Use these helpful tools to assess your needs and plans for the future.

Finding a home

Take a step-by-step approach to finding a home, from choosing your location to working with your home-buying team.

Finding the right home

We can help you review your options and set your priorities.

Home options

We'll help you identify the type of home you prefer by giving you the pros and cons of each.

Closing the deal

Found your dream home? We’ll help you prepare for the final steps and close the deal.

Your down payment

Learn about mortgage default insurance and access our down payment worksheet.

Your home inspection

Before you finalize the deal, read about this important step.

Your mortgage basics

Learn these basic mortgage terms and start the process with confidence.

Today's wants/tomorrow's needs

Use these helpful tools to assess your needs and plans for the future.

Finding the right home

We can help you review your options and set your priorities.

Home options

We'll help you identify the type of home you prefer by giving you the pros and cons of each.

Your down payment

Learn about mortgage default insurance and access our down payment worksheet.

Your home inspection

Before you finalize the deal, read about this important step.

I already have a mortgage

Is your mortgage up for renewal? We’ll help you revisit your mortgage options, switch to a BMO mortgage, or even purchase your next property.

Know your monthly payment and mortgage term.

Calculate your mortgage payments and determine the interest cost over the life of your mortgage

Renewing/refinancing

Up for renewal? We can help you revisit your financial goals, keeping your future needs in mind.

Renew/refinance

Revisit your needs and choose mortgage options that will bring you closer to your goals.

Comparing mortgage security

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

Switching your mortgage to BMO

Get better rates and save money by switching your mortgage to BMO.

Benefits of switching

Ready to switch to BMO? It’s easy and hassle-free.

Comparing mortgage security

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

Buying your next property

Whether you’re looking to buy an income property or own a vacation home, we can help.

Financing your new home

Just like buying your first home, buying a second comes with lots of mortgage options

Comparing mortgage security

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

Renew/Refinance

Revisit your needs and choose mortgage options that will bring your closer to your goals.

Comparing mortgage security

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

Benefits of switching

Ready to switch to BMO? It's easy and hassle-free.

Comparing mortgage security

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

Financing your new home

Just like buying your first home, buying a second comes with a lot of mortgage options.

Comparing mortgage security

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

Browse the Home Buyer's Guide

Where are you at in the mortgage process?

Buying your first home

Already have a mortgage

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Just Starting

A BMO® Mortgage Specialist can answer all your questions and provide the tools you need when you're beginning the process.

Determine your borrowing needs

See how much you can afford by considering your total household income and debts.

Mortgage Calculator

Get On The Path Toward Homeownership

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Finding a Home

Get the help and information you need: All the way from deciding what kind of home you want—and what it will cost to own—to getting a mortgage approval.

Determine your borrowing needs

See how much you can afford by considering your total household income and debts.

Mortgage Calculator

Take a step-by-step approach to choosing your home.

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Closing the Deal

Once you've found a home, we will work with you and your home buying team to close the deal: From making the down payment and getting inspections to insuring your new property and paying down your mortgage.

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Renewing / Refinancing

Revisit your financial goals and renew/refinance your mortgage with your future needs in mind.

Know your monthly payment and mortgage term.

Calculate your mortgage payments and determine the interest cost over the life of your mortgage.

Mortgage Calculator

Consider Your Options When You Already Have a Mortgage

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Switching Your Mortgage to BMO®

Get better rates and save money by switching your mortgage to BMO.

Know your monthly payment and mortgage term.

Calculate your mortgage payments and determine the interest cost over the life of your mortgage.

Mortgage Calculator

Find Out Why You Should Move From One Mortgage Provider To Another

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Buying Your Next Property

Whether you're looking to buy an income property to rent out or dreaming about owning a vacation home, we can help you determine what you can afford and provide a financing solution.

Know your monthly payment and mortgage term.

Calculate your mortgage payments and determine the interest cost over the life of your mortgage.

Mortgage Calculator

Learn What You Need To Know About Owning Multiple Properties

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