Sun Life Financial - Financière Sun Life

Mortgage vs. savings calculator

Should I pay down my mortgage or contribute to a Registered Retirement Savings Plan (RRSP), Tax Free Savings Account (TFSA) or taxable account?

You may be wondering where your money will benefit you the most – paying down your mortgage or saving and investing available funds.

If you save and invest, you could earn investment income over time until you withdraw your savings and, depending on the type of account, receive income tax refunds that you can reinvest.

If you pay down your mortgage, you’ll have reduced mortgage payments, and you can invest the difference each year in an RRSP, TFSA (subject to applicable limits) or taxable account.

This calculator can help you determine which option may suit you best and learn how an RRSP and TFSA work.

Mortgage and savings information

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