Fixed rate mortgages :
Interest rate is locked in for a specific period called a term.
Variable rate mortgages :
Rate of interest may change if rates go up or down.
Closed mortgages :
The mortgage cannot be paid off early without paying a prepayment charge.
Open mortgages :
The mortgage can be paid off at any time during the term, without having to pay a charge.
Below you may find mortgage calculators and a recent comparison for 5-year fixed closed mortgage rates: