Mortgage rate review
Wong Holdings
3-yr fixed · renews Jan ’28
C
0.26% above market
Current rate 5.05% vs. today's 4.79% (3-yr fixed)
Current rate
5.05%
Today's market
4.79%
Mortgage balance
$720,000
Payment now
$4,208/mo
At market rate
$4,102/mo
Potential saving
$106/mo
If they broke and switched today
penalty: 3-month interestPenalty + fees
$10,590
Monthly saving
$106/mo
Break-even
100 mo
Net over term
—
Costs paid out of pocket
New payment $4,102/mo on $720,000 — $9,090 penalty + ~$1,500 fees paid up front.
Costs financed into the mortgage
New payment $4,162/mo on a new mortgage of $730,590 — saves $46/mo, nothing up front.
Saves about $106/mo; the penalty and fees are earned back in roughly 100 months. Add a renewal date to weigh it against the time left.
Recommended next step
Slightly above market — worth a review at renewal.
Payment estimates assume a 25-year amortization with Canadian semi-annual compounding. Penalty ≈$9,090 estimated by the 3-month interest method — No renewal date on file — showing the three-month-interest floor. Fees assume ~$1,500 legal/appraisal — often lender-covered on a straight switch. Confirm exact figures with the lender. Illustration only — not a mortgage approval or financial advice.
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