Compare costs


Let's compare costs of a $50,000 deposit loan for a 3 month term with a typical second mortgage.

Deposit loan Second mortgage
Interest rate 12% per year
$1,500
12% per year
$1,500
Lender fee $2,500 (5%) $1,000 (2%)
Broker fee - $1,000 (2%)
Legal fees - $2,500
Appraisal - $400
Discharge fee - $300
Penalties No Possible
Monthly payments No Yes
Credit check No Yes
Registered on title No Yes
Funding time 1-2 days 1-3 weeks
Total cost $4,000 $6,700

Total cost of a $50,000 second mortgage is 67.5% more expensive than a deposit loan. Based on a typical cost for a second mortgage, without any potential penalties.

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