Mortgage Prepayment Penalty Calculator
Breaking a closed mortgage can change the economics of refinancing. Use this illustration to see why the penalty deserves attention, then request the actual amount from your lender.
Enter your details
Illustrative penalty
$12,000
Your estimate
- Illustrative penalty
- $12,000
- Three months' interest
- $5,500
- Simple interest-rate differential
- $12,000
This is an illustration, not a lender payout quote. Lenders use different posted rates, discounts, dates and formulas; some contracts have other charges or privileges. Ask your lender for a written payout statement before making a decision.
How to use this estimate
For a closed fixed mortgage, this tool compares three months' interest with a simple interest-rate differential. Your lender may use posted rates, original discounts, prepayment privileges and a different formula. The result is not a payout quote.
Check the underlying guidance: Financial Consumer Agency of Canada: prepayment penalties