According to the experts in long term the difference between fixed or variable mortgage is very minimal If you are a kind of person who like to have peace of mind then, fixed mortgage is the way to go, on the other hand if you already have some mortgage paid off then you can take the advantage of variable mortgage and save money however due to the risk of in fluctuate market you will the taking the chances, but risk means saving money or losing money. Fixed rate mortgage gives you the advantage of planning your future accordingly, you will now how much you will be paying. If the rates go down then you will not be able to take the advantage of saving money and putting more towards principal. In Variable rate mortgage if the rate goes up you will pay more money towards interest and less money towards principal, but if the rates go down then more money will go towards principal and less towards interest, which means that you will be paying your mortgage faster.