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BMO Bank of Montreal mortgage calculator

Estimate the payment on a BMO Bank of Montreal mortgage at the rate on your quote, then check BMO's own published rules for prepaying, porting and breaking the mortgage. Independent tool — not affiliated with BMO.

Your scenario

Result

Payment per month
$4,122.22
Monthly P&I
$4,122
Total interest
$516,665
Total paid
$1,236,665
BMO prepayment
See lender terms

The starting rate of 4.84% is illustrative, not a BMO rate — enter the rate on your own quote. Mortgage360 is an independent platform, NOT affiliated with BMO Bank of Montreal.

Rules checked: September 2026. Sources: BMO: mortgage prepayments guide (PDF) · BMO: pay your mortgage faster · BMO newsroom: Canada's first bank

Independent tool: Mortgage360 is not affiliated with BMO Bank of Montreal. The calculator does not know BMO's current rates; the rules below are summarized from BMO's own website, linked at the end of each section.

About BMO Bank of Montreal

BMO, founded in 1817, describes itself as Canada's first bank and is one of the Big Five.

BMO prepayment privileges

BMO publishes its prepayment privileges in its mortgage prepayment guide, and they differ between its standard fixed mortgages and its lower-privilege Smart Fixed product. We could not load BMO's pages to confirm the current percentages, so we have not repeated them — check the guide linked below before relying on a number. Model what a lump sum does to your amortization in the prepayment savings calculator.

Porting a BMO mortgage

BMO's guide describes transferring the existing terms of a fixed-rate mortgage to a new mortgage of the same type, with a blended rate if you need more money. Confirm the conditions with BMO.

How BMO calculates the penalty to break

Fixed-rate prepayment charges are the higher of three months' interest or an interest rate differential; BMO's disclosure documents describe how its comparison rate is set. Estimate the difference between the two methods in the mortgage penalty calculator.

What that means for you

If you are weighing BMO's standard fixed against a product with lower prepayment privileges, compare the privileges and the break-penalty method side by side — the cheaper rate is not always the cheaper mortgage.

How this calculator works

Canadian fixed-rate mortgages state their rate compounded semi-annually, not in advance — the convention that follows from section 6 of the federal Interest Act. The calculator converts the rate you enter into the equivalent rate for your payment frequency, so monthly, bi-weekly and weekly results stay consistent. Accelerated bi-weekly pays half the monthly amount every two weeks, which adds the equivalent of one extra monthly payment a year.

Sources

Checked September 2026. Lenders change their terms; your commitment letter is what binds you.

Compare with other lenders

Prepayment and penalty rules differ more between lenders than rates do. Compare the published terms of other Canadian lenders:

Renewing or refinancing with BMO?

A renewal offer is usually negotiable, and since November 2024 a straight switch to another lender at renewal no longer requires passing the stress test again. Put the offer against a competing quote in the renewal comparison calculator.

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