Calculator
What does your private mortgage really cost?
Type the rate, the fees and the months you’ll hold it. You get one number, the effective annual cost, that puts rate and fees together so two offers, or your current deal and a published rate table, can be compared honestly.
Over 12 months
13.50%
effective annual cost, rate and fees together
- Interest (9.50% on $300,000)
- $28,500
- Lender fee
- $6,000
- Broker fee
- $3,000
- Legal and other fees
- $3,000
- All-in cost
- $40,500
Monthly interest-only payment
$2,375
Cash you actually receive
$288,000
Arithmetic only. Interest-only, fees taken from the advance, no compounding. Not an APR under any regulation and not advice; the cost of borrowing disclosure your broker must give you in Ontario is the figure that counts. Nothing you type here leaves your browser.
What to do with the number
Run it twice: once for what you have, once for an alternative over the same months. If the alternative’s all-in cost, including any penalty to leave early and the new lender’s fees, is not meaningfully lower, stay. If it is, that is what a second opinion confirms before anything is signed. To see what a file like yours prices at today, the current rate tables are published by loan-to-value and position.
Common questions
How do I calculate the real cost of a private mortgage?
Add the interest you will pay over the months you hold the mortgage (amount × annual rate × months ÷ 12, since private mortgages are interest-only) to every fee: lender fee and broker fee as a percentage of the amount, legal fees, and any renewal, discharge or administration fee the commitment names. Divide that total by the amount and annualise it (× 12 ÷ months). That effective annual cost is the number to compare between offers; the rate alone leaves out the fees, which are often the bigger difference.
Why does the number of months change the cost so much?
Fees are paid once, at the start, so the shorter the time you hold the mortgage, the more they weigh per year. A fee that adds one point to the annual cost over twelve months adds two points over six. Use the months to your planned exit (refinance, sale or renewal), not the term written on the commitment.
Is this the APR?
No. It is simple arithmetic: interest-only, fees taken from the advance, no compounding. Ontario brokers must give you a cost of borrowing disclosure before you sign, and that regulated figure is the one that counts. This page exists so you can see the shape of a deal in a minute and ask better questions.
What is a normal private mortgage rate or fee in Ontario?
It depends on the loan-to-value, whether the mortgage is in first or second position, the property and its location, and how clear the exit is. Stonefield Capital publishes its own rate tables by loan-to-value and position at stonefieldcapital.ca/private-mortgage-rates. A rate inside the published band for your LTV and position is in range; fees should each have a purpose and be disclosed in writing before you sign.
Can someone check my current private mortgage for me?
Yes. Stonefield Capital offers a free second opinion: send the commitment letter or your latest statement and a Stonefield-approved mortgage broker tells you within one business day whether the deal is in the normal range and whether a better private mortgage is realistic. No cost, no obligation, and the answer may be to stay where you are. Ontario only.
Want a licensed broker to look at the actual deal?
Send the commitment letter or your latest statement. Within one business day: in range, re-shop at renewal, or a better private mortgage is realistic now. Free, no obligation.