Bank of Montreal Mortgage Rates

As of January 21st, 2021
BMO

Bank of Montreal Background

The Bank of Montreal (TSE: BMO) is one of the largest banks in Canada in terms of assets and market capitalization, and is recognized as one of Canada’s Big 5 banks. BMO was founded in Montreal, Quebec in 1817 and was previously known as Montreal Bank. BMO operates on a global scale with some of its locations including England, Switzerland, Germany, China, Singapore and India. They provide a diversified portfolio of financial services to customers with retail banking, commercial banking, wealth management, capital markets and insurance products being sold globally. Through BMO’s 900 Canadian branches, they serve 7 million customers.

Stock Information:
Listed on the Toronto Stock Exchange: TSE: BMO
Listed on the New York Stock Exchange: NYSE: BMO

BMO Fixed-Rate Mortgages

BMO Fixed Rate Mortgages reduce the risk of future interest rate fluctuations by “locking in” a specific interest rate for the term. This can create peace of mind for homeowners, which makes it a fundamentally appealing program for home buyers. If you are arranging a new mortgage for a future or current home, your fixed interest rate can be guaranteed up to 120 days before the closing date of your home. If interest rates go up during that time, you will be guaranteed the lower rate.

Mortgage Amount:
Amortization:
Payment Frequency:
TermRateMonthly Payment
BMO1-Year Fixed
2.79%
$1,853
BMO2-Year Fixed
2.94%
$1,884
BMO3-Year Fixed
2.14%
$1,723
BMO4-Year Fixed
4.09%
$2,131
BMO5-Year Fixed
1.93%
$1,682
BMO6-Year Fixed
5.24%
$2,395
BMO7-Year Fixed
5.40%
$2,433
BMO10-Year Fixed
5.80%
$2,529
BMO18-Year Fixed
8.50%
$3,221

The rates shown are for insured mortgages with a downpayment of less than 20%. You may get a different rate if you have a low credit score or a conventional mortgage.

Latest Mortgage Rates

Comparing 25 major lenders, the best mortgage rates in Canada are:
5-Year Fixed: 1.33%get this rate
5-Year Variable: 1.25% get this rate
Updated January 20th, 2021

BMO Variable-Rate Mortgages

BMO Variable Rate Mortgages provide you with fixed payments over the term; however, the interest rate will fluctuate with any changes in the prime interest rate. If their prime rate goes down, more of your payment will go towards paying off your principal; if our prime rate goes up, more of your payment will go towards interest costs. As a result, this can be a great financial tool for those expecting rates to fall in the upcoming year. A convertible mortgage allows you to convert to another term at any time. This feature provides security and flexibility, as it enables you to convert to a longer closed term should your variable rate mortgage no longer meet your needs.

Mortgage Amount:
Amortization:
Payment Frequency:
TermRateMonthly Payment
BMO3-Year Variable
4.15%
$2,145
BMO5-Year Variable
1.89%
$1,674

The rates shown are for insured mortgages with a downpayment of less than 20%. You may get a different rate if you have a low credit score or a conventional mortgage.

BMO Mortgage Break Penalty

Variable Rate MortgageFixed Rate Mortgage
3 Months’ InterestGreater of 3 Months’ Interest or the IRD amount
Interest Rate Differential (IRD) for BMO
Difference in interest payable between the interest amount that you owe between the time of payment to maturity, calculated using your current mortgage rate, and the interest amount that you owe between the time of payment to maturity, calculated using BMO’s current posted rate for a comparable mortgage, reduced by any rate discount that you received.

BMO Mortgage Prepayment Calculator

Are you looking to pay off your mortgage early? Or refinance the terms of your mortgage at a lower interest rate? Maybe you sold your home and purchasing a new home, in which a mortgage transfer will apply. Whatever the case, you most likely will have to pay a mortgage break penalty set by your lender. Whatever the situation, our calculator will help you determine the cost to break your mortgage so you can be confident about your mortgage decisions.

What is the remaining balance on your mortgage?

attach_money

What is the term-length and type of your current mortgage?

What is your current mortgage interest rate?

%

If applicable, what was the rate discount you received when you signed your current mortgage agreement?

%
The day you signed your mortgage, your lender may have provided you with a discount. You may be paying 3.25% but the posted rate on that day was 3.75%, a discount of 0.5%. If you are unaware of any discount, you can skip this step.

When did your current mortgage start?

Who is your current mortgage lender?

What is TD Bank's current interest rate for a 5-year fixed rate mortgage?

%
We have populated this field for you with our most up to date data. For information on why we need this field see Interest Rate Differential
Your estimated mortgage break penalty is...
$2,437.502.44k

How is my mortgage penalty calculated?

$300,000300k
Remaining Mortgage Balance
cancel
3.25%
Current Mortgage Interest Rate
cancel
3/12
3-Months Interest
=
$2,437.5
Prepayment Total

BMO Posted Rates

BMO Posted Rates are the official rates used when calculating your mortgage break penalty, the fee you pay if you want to break or refinance your mortgage early. Your mortgage payment, interest, and stress test will be based on a different rate which is usually lower than the posted rate.

Term LengthBMO Posted Rate
1-Year Fixed
BMO3.09%
2-Year Fixed
BMO2.94%
3-Year Fixed
BMO3.49%
4-Year Fixed
BMO4.09%
5-Year Fixed
BMO3.99%
6-Year Fixed
BMO5.24%
7-Year Fixed
BMO5.40%
10-Year Fixed
BMO4.49%
18-Year Fixed
BMO8.50%

BMO Readiline®

The BMO Homeowner ReadiLine® is BMO's combination mortgage and HELOC product. If you have 20% down-payment or equity in your home, you can borrow up to 80% of your home's value between a mortgage and line of credit. One of the features of Homeowner ReadiLine® is that your HELOC's credit limit increases as you make mortgage payments, allowing you to quickly tap into your extra home equity. For terms and eligibility, talk to your local BMO branch advisor.

ProgramTerm LengthTypeRate
BMO Homeowner ReadiLine®
1-Year Fixed
Fixed
3.09%
BMO Homeowner ReadiLine®
2-Year Fixed
Fixed
3.29%
BMO Homeowner ReadiLine®
3-Year Fixed
Fixed
3.75%
BMO Homeowner ReadiLine®
4-Year Fixed
Fixed
4.24%
BMO Homeowner ReadiLine®
5-Year Fixed
Fixed
4.79%
BMO Homeowner ReadiLine®
5-Year Variable
Variable
2.45%
BMO Homeowner ReadiLine®
6-Year Fixed
Fixed
5.24%
BMO Homeowner ReadiLine®
7-Year Fixed
Fixed
5.40%
BMO Homeowner ReadiLine®
10-Year Fixed
Fixed
5.80%
Rates shown are for closed term installment payments only. For more information, please see your local branch advisor.

While we try our best to get you the best rates, we cannot guarantee that they are always accurate. WOWA assumes no liability for the accuracy of the information presented, and will not be held responsible for any damages resulting from its use.