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Mortgage Comparison Worksheet: Compare 3 Lender Offers Side by Side (2026)

Updated

Choosing a mortgage based on rate alone is one of the most expensive mistakes Canadian borrowers make. This worksheet helps you compare up to 3 lender offers across every factor that affects your total cost.

Fill in the details for each offer and use the scoring guide at the bottom to determine which mortgage is truly the best deal.

Mortgage Comparison Worksheet

Basic Terms

Factor Offer 1 Offer 2 Offer 3
Lender name ________ ________ ________
Lender type (bank / broker / online / credit union) ________ ________ ________
Interest rate ________% ________% ________%
Rate type (fixed / variable) ________ ________ ________
Term length ________ years ________ years ________ years
Amortization ________ years ________ years ________ years
Mortgage amount $________ $________ $________

Monthly Payment and Total Cost

Factor Offer 1 Offer 2 Offer 3
Monthly payment $________ $________ $________
Total payments over the term (monthly payment × 12 × term) $________ $________ $________
Total interest over the term $________ $________ $________
Principal remaining at end of term $________ $________ $________

Use the mortgage calculator to calculate these values for each offer.

Prepayment Privileges

Factor Offer 1 Offer 2 Offer 3
Annual lump sum allowed (% of original principal) ________% ________% ________%
Annual lump sum in dollars $________ $________ $________
Payment increase allowed (% per year) ________% ________% ________%
Double-up payments allowed? Yes / No Yes / No Yes / No

Why this matters: If you can prepay 20% vs 10% per year, the difference over a 5-year term on a $500,000 mortgage is up to $250,000 in additional prepayments — saving thousands in interest. See prepayment privileges explained.

Penalty Structure

Factor Offer 1 Offer 2 Offer 3
Penalty type (3-month interest / IRD / greater of both) ________ ________ ________
Estimated penalty if broken in Year 2 $________ $________ $________
Estimated penalty if broken in Year 3 $________ $________ $________
How is IRD calculated? (posted rate vs discount rate method) ________ ________ ________

Why this matters: About 60% of Canadians break their mortgage before the term is up (due to selling, refinancing, divorce, job relocation, etc.). The difference between a 3-month interest penalty ($3,000–$6,000) and an IRD penalty ($10,000–$25,000) is massive. See penalty calculation guide and big bank penalty comparison.

Portability and Flexibility

Factor Offer 1 Offer 2 Offer 3
Portable? (can transfer to new property) Yes / No Yes / No Yes / No
Assumable? (buyer can take over the mortgage) Yes / No Yes / No Yes / No
Charge type (collateral / conventional) ________ ________ ________
Switching cost at renewal (assignment vs full discharge) $________ $________ $________
Blend-and-extend available? Yes / No Yes / No Yes / No

Why this matters:

  • Portability saves you the penalty if you move during the term. See portability guide.
  • Collateral charges (TD, Tangerine) make it harder to switch lenders at renewal — you pay $1,000+ in discharge and registration fees instead of a simple $200–$400 assignment.
  • Conventional charges transfer easily between lenders at low cost.

Rate Hold and Application Details

Factor Offer 1 Offer 2 Offer 3
Rate hold period ________ days ________ days ________ days
Rate drop protection? (get lower rate if rates fall) Yes / No Yes / No Yes / No
Lender covers appraisal cost? Yes / No Yes / No Yes / No
Lender covers legal fees? (for switches) Yes / No Yes / No Yes / No
Cash-back offer? $________ $________ $________

How to Score Each Offer

Assign points to each offer based on the following criteria. The highest total score is your best mortgage.

Scoring Guide

Criteria Points How to Score
Lowest rate 3 points Give 3 to the lowest rate, 2 to the second, 1 to the highest
Best prepayment privileges 3 points 20% = 3 pts, 15% = 2 pts, 10% = 1 pt
Lowest penalty risk 3 points 3-month interest = 3 pts, IRD with fair calculation = 2 pts, Posted-rate IRD = 1 pt
Conventional charge 2 points Conventional = 2 pts, Collateral = 0 pts
Portable 1 point Yes = 1 pt, No = 0 pts
Rate hold 120 days 1 point 120 days = 1 pt, 90 days = 0 pts
Lender covers fees 1 point Covers appraisal and/or legal = 1 pt

Score Summary

Criteria Offer 1 Offer 2 Offer 3
Lowest rate __/3 __/3 __/3
Best prepayment privileges __/3 __/3 __/3
Lowest penalty risk __/3 __/3 __/3
Conventional charge __/2 __/2 __/2
Portable __/1 __/1 __/1
Rate hold __/1 __/1 __/1
Lender covers fees __/1 __/1 __/1
TOTAL __/14 __/14 __/14

Common Trade-Off Scenarios

Scenario 1: Slightly Higher Rate but Better Flexibility

Option A Option B
Rate 4.34% 4.44%
5-year cost difference — +$1,250
Prepayment privilege 10% 20%
Penalty type Posted-rate IRD 3 months’ interest
If you break in Year 3 $18,000 penalty $5,000 penalty

Winner: Option B — the $1,250 higher cost over 5 years is far outweighed by $13,000 in penalty savings if you break the mortgage.

Scenario 2: Low Rate with Collateral Charge

Option A Option B
Rate 4.29% 4.39%
5-year cost difference — +$1,250
Charge type Collateral Conventional
Cost to switch at renewal $1,200+ (full discharge) $200–$400 (assignment)

Winner: Depends — if you plan to switch lenders at renewal, Option B’s lower switching cost may offset the rate difference. If you plan to stay with the lender or need flexible borrowing, Option A’s collateral charge may be advantageous.

Using This Worksheet

  1. Print or save this page for each mortgage comparison
  2. Call each lender and ask for every data point in the tables above
  3. Fill in the numbers — do not rely on verbal estimates for penalties (ask for written confirmation)
  4. Score each offer using the scoring guide
  5. Consider your personal situation — if you are very likely to move in 2–3 years, penalty structure matters more than rate