Financial Tools

Mortgage vs RRSP vs TFSA Calculator

Wondering if extra money should go toward your mortgage, into your RRSP, or into a TFSA? This calm calculator lets Canadian families compare those three options side by side.

Estimate how much Mortgage Prepayments could save in interest.
Project long-term growth from RRSP and TFSA investing.
Include the impact of your estimated RRSP Tax Refunds.

Want to go deeper on one piece? Try the Mortgage Booster, RRSP Growth Starter, TFSA Growth Helper, or see everything together in your Family Finance Snapshot Dashboard.

1. Enter Your Numbers

Your extra money & time horizon

Extra amount per month ($)

Comparison period (years)

Your marginal tax rate (%)

Your mortgage details

Current mortgage balance ($)

Mortgage interest rate (%)

Years remaining on mortgage

Investment assumptions

RRSP annual return (%)

TFSA annual return (%)

Assume RRSP tax refunds are also invested.

These are rough, steady-return projections. Real markets, mortgage rules, and tax outcomes are more complex and will differ from these estimates.

2. See The Comparison

A side-by-side snapshot of how this one extra monthly amount could work in three different places.

Option snapshots

🏠 Extra mortgage payments Estimated interest saved over the remaining mortgage.

📊 Invest in RRSP Future value including estimated tax refunds.

🌱 Invest in TFSA Future value with tax-free growth.

Overall comparison (rough totals)

Mortgage prepayments (interest saved) $0

RRSP (future value + refunds) $0

TFSA (future value) $0

Enter an extra monthly amount and comparison period to see how the three options stack up.

All amounts are before tax on eventual RRSP withdrawals and ignore TFSA/RRSP contribution room, fees, and lender-specific mortgage rules. This tool is for education only and doesn’t replace personalized advice.