BMO Mortgage Calculator
Click "Calculate" to reveal your mortgage payment.
| Term | Rate | Payment |
|---|---|---|
| Enter Your Own Rate: | % | |
1-Year Fixed | 6.08% | $2,578.28/mo |
2-Year Fixed | 5.59% | $2,462.56/mo |
3-Year Fixed | 4.62% Get Up To $4,100 Cash Back* With A New Mortgage. | $2,240.65/mo |
4-Year Fixed | 4.77% Get Up To $4,100 Cash Back* With A New Mortgage. | $2,274.33/mo |
5-Year Fixed | 4.60% Get Up To $4,100 Cash Back* With A New Mortgage. | $2,236.18/mo |
5-Year Variable | 4.86% Get Up To $4,100 Cash Back* With A New Mortgage. | $2,294.64/mo |
6-Year Fixed | 5.14% Get Up To $4,100 Cash Back* With A New Mortgage. | $2,358.40/mo |
7-Year Fixed | 5.29% Get Up To $4,100 Cash Back* With A New Mortgage. | $2,392.89/mo |
10-Year Fixed | 5.48% Get Up To $4,100 Cash Back* With A New Mortgage. | $2,436.91/mo |
The rates shown are for insured mortgages with a down payment of less than 20%. You may get a different rate if you have a low credit score or a conventional mortgage.
BMO Mortgage Payment Options
Skip-a-Payment
- Take a Break Option: Allows you to skip the equivalent of one monthly payment once per calendar year.
- Family Care Option: This option allows you to skip the equivalent of four monthly payments once per calendar year if you or your partner need to care for a new baby or sick family member.
Skipping a BMO mortgage payment will mean that the interest on the skipped payment will be added to your mortgage principal. This will cause you to pay more in the future. You can always make a prepayment in the future to cover skipped payments without any prepayment penalties. These skip-a-payment options are not available for the BMO Smart Fixed Mortgage.
If you have an insured mortgage, you can only use these options if you have previously made a mortgage prepayment equivalent to the amount to be skipped. Insurance premiums cannot be skipped.
Accelerated Payments
You can increase your regular mortgage payments by up to 20% once per calendar year for closed mortgages and up to 10% once per calendar year for the BMO Smart Fixed Mortgage. You can also make a lump-sum mortgage prepayment of up to 20% once per calendar year for closed mortgages and up to 10% once per calendar year for the BMO Smart Fixed Mortgage. There is a minimum lump-sum prepayment amount of $100. You can also change to an accelerated weekly or bi-weekly payment schedule.
Types of BMO Mortgages
BMO Fixed Rate Mortgage
BMO offers fixed-rate mortgages with the longest rate guarantee in Canada, at 130 days. This means that you can secure a rate for up to 130 days while shopping for your new home or if you're refinancing. BMO fixed-rate mortgages have available term lengths of 6 months to 10 years.
BMO Variable Rate Mortgage
For borrowers who prefer a variable interest rate, BMO offers variable-rate mortgages with the option to convert to a fixed-rate mortgage at any time. This gives you flexibility and peace of mind in case there are significant interest rate changes in the market. The interest rate changes based on changes to the BMO prime rate. BMO offers variable rate mortgages with terms of 3 years or 5 years.
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Disclaimer:
- Any analysis or commentary reflects the opinions of WOWA.ca analysts and should not be considered financial advice. Please consult a licensed professional before making any decisions.
- The calculators and content on this page are for general information only. WOWA does not guarantee the accuracy and is not responsible for any consequences of using the calculator.
- Financial institutions and brokerages may compensate us for connecting customers to them through payments for advertisements, clicks, and leads.
- Interest rates are sourced from financial institutions' websites or provided to us directly. Real estate data is sourced from the Canadian Real Estate Association (CREA) and regional boards' websites and documents.