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BMO Smart Fixed Mortgage

(Current as of )


2.69%
2.71% APR*

5-years

(fixed rate closed mortgage)

%
3.95% APR**

10-years

(fixed rate closed mortgage)


The Smart Fixed1 advantage

 

  • Get a great 5 or 10-year rate which won’t rise during the term
  • Increase your payments by 10% and make a lump sum payment of 10% each year to get to the finish line sooner++
  • Pay your mortgage off faster and save on interest with an amortization of 25 years or less

 


How would you like to start your pre-approval?

For general mortgage inquires call 1-877-225-5266


Special Offers

 

Are You:

 

 

A Young Couple Dances

Buying your first home?

 

Celebrate with up to $1,000 when you get a BMO mortgage

 

Terms and conditions

 

Find out how
A father with his son

Renewing your mortgage?

 

Get up to $1,000 when you switch your mortgage to BMO

 

Terms and conditions

 

Find out how

Mortgage Calculators

Find out how much you can afford, compare down payments, and figure out your potential monthly payments on a mortgage loan.


2016 Mortgage Bundle Offer

 

*Earn $800.00 cash when you get a new BMO Mortgage OR BMO Homeowner ReadiLine OR BMO Homeowner Line of Credit and a new BMO Chequing Account between September 6, 2016 and October 31, 2016.

 

Terms & Conditions:

1a. Apply and be approved for a BMO Mortgage of at least $200,000.00 with a closed term of 4 years or longer between September 6, 2016, and October 31, 2016;

 

OR

 

1b. Apply and be approved for a BMO Homeowner ReadiLine or BMO Homeowner Line of Credit with an installment portion of least $200,000.00 with a closed term of 4 years or longer between September 6, 2016 and October 31, 2016;

 

AND

 

3. Have the BMO Mortgage or BMO Homeowner ReadiLine or BMO Homeowner Line of Credit (each a “New BMO Mortgage”) advanced by January 31, 2016;

 

AND

 

4. Open a new BMO Canadian Dollar Primary Chequing Account (a “Chequing Account”) with a new Practical, Plus, Performance, AIR MILES®† or Premium Plan (each an “Eligible Plan”) including Eligible Plans part of the BMO Perks at Work, BMO NewStart, Canadian Defense Community Banking, Senior, and Registered Disability Savings Plan discounted banking programs between September 6, 2016 and October 31, 2016;

 

AND

 

5. Make a deposit of any amount into the Chequing Account between September 6, 2016, and October 31, 2016;

 

AND

 

6. Set up one (1) recurring direct deposit from your employer or your pension into the Chequing Account and have at least one (1) direct deposit transaction credited to the Chequing Account by January 31, 2017;

 

AND

 

7. Make at least two (2) Eligible Bill payments (defined below) from the Chequing Account by January 31, 2017;

An “Eligible Bill Payment” is defined as:

 

  1. A bill payment made:
    1. at a BMO Branch;
    2. through a BMO ATM;
    3. through BMO Online Banking;
    4. using BMO Mobile Banking (including BMO Mobile Banking App, BMO Tablet App or smartphone mobile web at bmo.com); or
    5. using Telephone Banking (through Interactive Voice Response system (IVR) or with an associate); OR
  2. a recurring Pre-Authorized Debit; OR
  3. a transfer from your Chequing Account to a BMO credit product.

 

 

An Eligible Bill Payment excludes:

  • Payments made at a BMO branch that are remitted manually (paper submission) and do not appear itemized on your Chequing Account transaction history;
  • A Pre-Authorized Debit that is debited and returned as non-sufficient funds, payment stopped, or returned as unauthorized; or
  • An electronic payment that is debited and subsequently cancelled or recalled.

 

AND

 

8. Set up the Chequing Account as the funding account for the New BMO Mortgage by [date].

 

Exclusions:

The following customers are not eligible for the $800.00 cash offer:

  • Customers who have an existing BMO Mortgage or BMO Homeowner ReadiLine or BMO Homeowner Line of Credit at time of application for a New BMO Mortgage or customers who pay off or refinance an existing BMO Mortgage or BMO Homeowner ReadiLine or BMO Homeowner Line of Credit between September 6, 2016 – October 31, 2016.
  • For New BMO Mortgages that are Joint: no Cash Bonus will be paid if any customer obtaining the New BMO Mortgage has an existing BMO Mortgage or BMO Homeowner ReadiLine or BMO Homeowner Line of Credit at the time of application for a New BMO Mortgage or pays off or refinances an existing BMO Mortgage or BMO Homeowner ReadiLine or BMO Homeowner Line of Credit between September 96, 2015 2016 – October 31, 2015 2016.

  • Customers who have an existing Canadian or U.S. Dollar Primary Chequing Account, Canadian or U.S. Dollar Interest Chequing Account, BMO Sobeys AIR MILES®* Chequing Account, BMO Club Sobeys Chequing Account, BMO IGA AIR MILES Chequing Account (each an “Existing Chequing Account”) or those who closed their Existing Chequing Account between September 6, 2015 – October 31, 2016, and subsequently open a new Chequing Account.
  • For Joint Chequing Accounts: if either customer has an Existing Chequing Account or closes their Existing Chequing Account between September 96, 2015 2016 – October 31, 20152016, and subsequently opens a new Chequing Account.
  • Employees of Bank of Montreal and those with whom such employees are domiciled.

 

Other:

 

Customers who receive non-standard pricing may not be eligible for the cash offer

 

All applications are subject to meeting Bank of Montreal’s usual credit criteria.

Limit of one (1) $800.00 cash payment per customer. Customers who obtain a joint

New BMO Mortgage will only qualify to receive one (1) $800.00 cash payment. The Chequing Account must be in the same names as the New BMO Mortgage. The $800.00 cash payment will be deposited to the Chequing Account by March 1, 2017. Your Chequing Account and New BMO Mortgage must remain open and in good standing as of March 1, 2017, to remain eligible.

 

This offer cannot be combined with any other mortgage or Everyday Banking offer, promotion or discounted banking programs, for example: Kids, Teens and Students/Recent Graduates.

 

This offer may be changed, withdrawn or extended at any time without notice.

®* Trademarks of AIR MILES International Trading B.V. Used under license by LoyaltyOne, Co. and Bank of Montreal

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

A minimum 5% down payment is required for a purchase price of $500,000 or less. For a purchase price between $500,000 and $1 million, the minimum down payment is 5% on the first $500,000 and 10% on the balance. Default insurance costs will apply. 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%.

  • $0
  • $3,000,000

A minimum 5% down payment is required for a purchase price of $500,000 or less. For a purchase price between $500,000 and $1 million, the minimum down payment is 5% on the first $500,000 and 10% on the balance. Default insurance costs will apply. 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?

Share my Mortgage Options



Message:


Copy this link to share your mortgage options with a friend or financial advisor.

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?

 

 

Other calculators



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).
A minimum 5% down payment is required for a purchase price of $500,000 or less. For a purchase price between $500,000 and $1 million, the minimum down payment is 5% on the first $500,000 and 10% on the balance. Default insurance costs will apply.
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%.



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

A minimum 5% down payment is required for a purchase price of $500,000 or less. For a purchase price between $500,000 and $1 million, the minimum down payment is 5% on the first $500,000 and 10% on the balance. Default insurance costs will apply. 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%.

  • $0
  • $3,000,000

A minimum 5% down payment is required for a purchase price of $500,000 or less. For a purchase price between $500,000 and $1 million, the minimum down payment is 5% on the first $500,000 and 10% on the balance. Default insurance costs will apply. 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

A minimum 5% down payment is required for a purchase price of $500,000 or less. For a purchase price between $500,000 and $1 million, the minimum down payment is 5% on the first $500,000 and 10% on the balance. Default insurance costs will apply. 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%.

  • $0
  • $3,000,000

A minimum 5% down payment is required for a purchase price of $500,000 or less. For a purchase price between $500,000 and $1 million, the minimum down payment is 5% on the first $500,000 and 10% on the balance. Default insurance costs will apply. 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?

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

Other calculators



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).
A minimum 5% down payment is required for a purchase price of $500,000 or less. For a purchase price between $500,000 and $1 million, the minimum down payment is 5% on the first $500,000 and 10% on the balance. Default insurance costs will apply.
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%.



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 remaining amount on your home loan.

  • $0
  • $3,000,000

What's my payment?

Share my Mortgage Options



Message:


Copy this link to share your mortgage options with a friend or financial advisor.

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


Be mortgage-free sooner! Add additional payments

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?

 

 

Other calculators



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.
A minimum 5% down payment is required for a purchase price of $500,000 or less. For a purchase price between $500,000 and $1 million, the minimum down payment is 5% on the first $500,000 and 10% on the balance. Default insurance costs will apply.
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%.



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 remaining amount on your home loan.

  • $0
  • $3,000,000


Be mortgage-free sooner! Add additional payments

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 remaining amount on your home loan.

  • $0
  • $3,000,000


Be mortgage-free sooner! Add additional payments

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?

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

Other calculators



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.
A minimum 5% down payment is required for a purchase price of $500,000 or less. For a purchase price between $500,000 and $1 million, the minimum down payment is 5% on the first $500,000 and 10% on the balance. Default insurance costs will apply.
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%.



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

A minimum 5% down payment is required for a purchase price of $500,000 or less. For a purchase price between $500,000 and $1 million, the minimum down payment is 5% on the first $500,000 and 10% on the balance. Default insurance costs will apply.
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%.

  • $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 5% down payment is required for a purchase price of $500,000 or less. For a purchase price between $500,000 and $1 million, the minimum down payment is 5% on the first $500,000 and 10% on the balance. Default insurance costs will apply. 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.
A minimum 5% down payment is required for a purchase price of $500,000 or less. For a purchase price between $500,000 and $1 million, the minimum down payment is 5% on the first $500,000 and 10% on the balance. Default insurance costs will apply.
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%.




Popular mortgage rates

Take a look at our range of popular mortgage rates and options, and find one that works for you.


Connect with us

 

 

1 Available for new BMO owner-occupied mortgages only. Residential owner occupied property with one to four units; rental properties are not eligible. Refinances are not eligible. At least one borrower (or guarantor) must have a minimum credit score of 600. Your Gross Debt Service Ratio must be less than 39% and your Total Debt Service Ratio cannot be higher than 44% based on the higher of the Bank of Canada qualifying rate or the customer`s mortgage rate.