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Which mortgage term will save you money over the next five years?
A significant “negative shock” to the economy: That’s what it’s going to take to lower interest rates again, says Canada’s most powerful banker.
And Bank of Canada head Stephen Poloz isn’t betting on that happening any time soon. Neither are bond traders, the big guns that bet billions of dollars every day on the direction of interest rates.
So let’s suppose – just for fun – that they’re right (since we all know how often markets and economists aren’t right). If we are actually near a bottom in rates for a few years, what’s the best way to play your mortgage?
Well, it just so happens that there’s an app for that. It’s called a spreadsheet and I’ve taken the liberty of putting mine through its paces and model out which mortgage term (or combination of terms) yields the lowest hypothetical cost of borrowing over the next five years.
Keep in mind that what I’m about to tell you doesn’t apply to everyone. It presupposes that you:
Are a borrower who qualifies for the best advertised rates in the market; Can handle higher interest rates and rising payments; Are comfortable with making a five-year fixed mortgage payment. That last point helps ... more

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