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Financing Rate Examples
When comparing borrowing options, it helps to look beyond the advertised rate and also consider the APR rate.
This page provides finance rate examples to help Canadian homeowners compare APR rates across common lending options, including first and second mortgages. It is important to consider that mortgage interest rates can differ between lenders based on factors like your credit profile, property value, loan-to-value, term length, and fees.
By reviewing sample scenarios side by side, you can better understand what you may pay over time and what details to confirm before making a decision. These examples are intended to make rate comparisons clearer and help you evaluate which structure best fits your plans.
Compare APR Rates
| Bank | CD 1st Mortgage | CD 2nd Mortgage | Other Lenders 1 | Other Lenders 2 | |
|---|---|---|---|---|---|
| Monthly Payment | $596 | $681 | $848 | $1007 | $1250 |
| Interest Rate | 4.95% | 5.45% | 7.89% | 9.99% | 12.99% |
| APR | 10.97% | 13.30% | 15.34% | 18.26% |
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We’re putting our money where our mouth is. Get the lowest rate on your home equity Loan from Capital Direct®, or we’ll give you $500.
Disclaimers
*The above chart titled “Monthly Loan Payments on a $100,000” is for discussion and educational purposes only. The graph is intended to illustrate various monthly payments associated with different product offerings to the reader. These examples are provided strictly for comparison purposes.
Capital Direct does not offer Online Loans, and the chart is not a reflection of any specific offers. Please see below for the unique terms and conditions related to each offering. Final rates and payments for all loans in question are subject to change and vary based on each individual’s situation.
Bank Mortgages: $102,500 (net $100,000) amortized over 25 years with 4.45% interest rate (Prime Rate + 0.50%). Two-year term in which 100% of principal is owed at the end of the term. **APR associated closing costs were estimated for this calculation.
Capital Direct 1st Mortgage: $110,900 (net $100,000) amortized over 25 years with 5.49% interest rate. Two-year term in which 100% of principal is owed at the end of the term. Monthly payment and APR associated closing costs (legal fees, appraisal, brokerage fees).
Capital Direct 2nd Mortgage: $110,900 (net $100,000) amortized over 25 years with 7.89% interest rate. Two-year term in which 100% of principal is owed at the end of the term. Monthly payment and APR associated closing costs (legal fees, appraisal, brokerage fees).
Online Loan 1: $110,900 (net $100,000) amortized over 25 years with 9.99% interest rate. Two-year term in which 100% of principal is owed at the end of the term. Calculations for competitor APR rates were estimated for educational purposes. **Actual APR associated closing costs and rates will vary from lender to lender.
Online Loan 2: $110,900 (net $100,000) amortized over 25 years with 12.99% interest rate. Two-year term in which 100% of principal is owed at the end of the term. Calculations for competitor APR rates were estimated for educational purposes. **Actual APR associated closing costs and rates will vary from lender to lender.