CHIP vs Equitable — Side-by-Side Calculator
The only apples-to-apples comparison: same home value, same advance, same time horizon. Includes rolled-in setup fees and semi-annual compounding so you see the real dollars, not just the rate.
What these numbers mean.
What this calculator shows
Dollar difference between CHIP (HomeEquity Bank) and Equitable Bank Flex for the identical advance — after their setup fees compound for the life of the loan.
What does this mean? A 0.40% rate difference is about $10k over 15 years on $150k — but fees and compounding make the gap larger than the rate alone.
CHIP vs Equitable — Beyond the Rate
Headline rates tell only part of the story. CHIP charges $1,795–$2,995 in setup fees (depending on loan size and product), while Equitable Bank Flex charges $995. Both fees are typically rolled into the loan — so they accrue interest for the entire life of the mortgage. This calculator rolls each fee into its principal automatically using the Canadian semi-annual formula A = P(1+r/2)2t.
When CHIP wins
CHIP is the only lender available in all 10 provinces and the only one that accepts many rural and remote properties. If you are in a rural postal code, the Territories, Atlantic Canada outside Halifax, or parts of Quebec, CHIP may be your only regulated option. CHIP also offers CHIP Open (repay in full within 6 months, no penalty — ideal bridge financing) and Income Advantage (scheduled monthly/quarterly advances).
When Equitable wins
Equitable Bank Flex is broker-exclusive — you cannot walk into a branch and get it — and is limited to urban properties in ON, BC, AB, and QC. Within that footprint it consistently offers the lowest standard rates and the most favourable early-prepayment penalties (better than CHIP for exits inside the first 3 years). If you qualify on property and province, Equitable is usually cheaper dollar-for-dollar. See our full CHIP vs Equitable comparison and 4-lender comparison.
How to use the result
Enter the same advance you are considering with either lender. Adjust the rates if your broker has quoted you a different 5-year fixed — the calculator updates instantly. Then check the “Quick horizon” table: a lender that looks cheaper over 10 years can flip over 25 if the fee gap compounds long enough.
Not sure which lender fits?
Use our lender quiz or current rates page (updated Aug 1, 2026). For a longer view, run the equity projection and amortization schedule with the winning lender's rate. To understand what is left for heirs at each horizon, see the inheritance calculator.
Illustrative only. Rates are directional 5-yr fixed assumptions (CHIP 6.39%, Equitable 5.99%) — not live quotes. Setup fees exclude ILA ($300–$700) and appraisal. LTV estimates use age only; actual approval also depends on home type, condition, location, and lender guidelines. Broker-exclusive and urban-only restrictions apply to Equitable. Consult a licensed broker for a formal quote.
Want help with these numbers?
Book a free call and we'll walk through your results and compare lenders for your situation.