Scotiabank Mortgage Rates

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Scotiabank Background

Scotiabank (TSE: BNK) is the third largest bank in Canada in terms of assets and market capitalization, and is recognized as one of Canada’s Big 5 banks. Incorporated in 1832, the bank has established itself as Canada's most international bank through extensive operations throughout Latin America, the Caribbean, Central America and parts of Asia. Since then, Scotiabank has expanded its operations to 40+ countries around the world. 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. Scotiabank’s 88,000 employees across 120 countries serve 23 million customers globally.

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

Scotiabank Prime Rate

Scotiabank's Prime Rate is used as the basis for many of Scotiabank's lending products including variable rate mortgages, lines of credit, and HELOCs. Prime, or P, is normally combined with a spread to make up the final interest rate.

Current Scotiabank Prime Rate: 2.45%

Last Changed: March 30, 2020

Today's Scotiabank Special Rates

5-Year Fixed
5-Year Variable
Promotional rates are for high-ratio insured mortgages with LTV > 80% only.
Other competitive rates also available.

Scotiabank Fixed-Rate Mortgages

Scotiabank 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:
Payment Frequency:
TermRateMonthly Payment
1-Year Fixed
2-Year Fixed
3-Year Fixed
4-Year Fixed
5-Year Fixed
7-Year Fixed
10-Year Fixed

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. Rates may change at any time.

Scotiabank Variable-Rate Mortgages

Mortgage Amount:
Payment Frequency:
TermRateMonthly Payment
3-Year Variable
5-Year Variable

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. Rates may change at any time.

Scotiabank Posted Rates

Scotiabank 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 LengthScotiabank Posted Rate
Ontario Lic. #13115

Scotiabank Mortgage Break Penalty

Variable Rate MortgageFixed Rate Mortgage
3 Months’ InterestGreater of 3 Months’ Interest or the IRD amount
Interest Rate Differential (IRD) for Scotiabank
Difference between the present value amount of all interest that you owe between the time of payment to maturity and the present value amount of all interest that you would owe using a similar mortgage rate for a term similar to the time remaining, with the term rounded up if exactly between two offered terms. The Similar Mortgage Rate is Scotiabank’s current posted rate, less any rate discount you received on your original mortgage contract.

Scotiabank 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 Scotiabank prepayment charge 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?


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 3-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...

How is my mortgage penalty calculated?

Remaining Mortgage Balance
Current Mortgage Interest Rate
3-Months Interest
Prepayment Total
This calculator is provided for general information purposes only. WOWA does not guarantee the accuracy of the information shown and is not responsible for any consequence that arise from the use of the calculator and its results. Any financing products shown are subject to terms and conditions and may not be available in certain regions.