Based on a mortgage of $300,000, amortized over 25 years with a 5-year term, even a seemingly small savings in rate can make a huge difference in interest savings.
The Difference .26% Makes
If your bank is offering you a 5-year fixed rate term of 4.30%, switching to Provincial Alliance at a rate of 4.04% could save you $2,080.18 over the 5-year term.
Over a 25-year amortization, the difference in rate could save you $12,976.16.
The Difference .46% Makes
If your bank is offering you a 5-year fixed rate term of 4.50%, switching to Provincial Alliance at a rate of 4.04% could save you $3,684.31 over the 5-year term.
Over a 25-year amortization, the difference in rate could save you $22,753.63.
The difference is worth switching for.