Guy, Suggest you either take TD variable 5 years rate 2.2% ( P-0.65 = 2.85-0.65) or take 2 years fixed rate 2.25%. is better than 5 years fixed rate 2.45%,
Please never take 5 years fixed rate , because you will pay more interest in the first 1-3 years that your money is totally waste.
you can use mortgage calculator to know how much interest you can save in the 1st year, if you have $500K mortgage that take rates between 2.2% and 2.45%.
I tell you the result is $1236.