You will be ahead if you switch to 2.79% 5-year fixed.Raven_007 wrote: ↑ Hello,
Does it make sense for to switch from my variable rate mortgage at TD (currently paying 3.22% on variable rate) to any other options? I have ~ 400K mortgage. The house was bought in 2017 for ~900K. Comparable houses now sell for 1.05M-1.15M. I think the cost of will be 3.22%*400,000/3=3,220 for the interest + 600 for lawyer + 300 for discharge.
I have over 3 years left on 5 year term.
Location: Centre of the Universe.
Legals are $800, but discharge fee can be covered.
Also, you made a small typo (should be $400,000/4 to compute penalty, but your answer is correct).
Principal Broker - First Toronto Mortgage - MA (Ontario #13176, BC #X301007)
Real Estate Salesperson - Century 21 Innovative