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The Bank of Canada paused its interest rate increases for now, but if you have a variable-rate mortgage you’re no doubt feeling the pinch.

The cost of variable-rate mortgages is tied to the Bank of Canada's policy interest rate, which then influences the prime rate. The higher the prime rate, the more interest you end up paying on your mortgage.

If you had a $500,000 variable-rate mortgage — on a 25-year payment schedule — your monthly mortgage payments would have increased by over $1,000 in the past year. Such a big change can make it tough to stay on top of the bills.

This may even lead you into a situation where your monthly payments don't cover any of the principal or the interest. About 20% of CIBC mortgage holders are in this situation, according to a recent report.

Although they keep paying, their mortgage amount increases. The name given to this phenomenon is negative amortization.

If this happens to you, you might face a longer mortgage term than you signed up for.