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Mortgage Prepayment Calculator

Estimate the penalty and extra costs before paying off your mortgage early.

Your mortgage

Your lender's rates

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Where do I find these?

Use the rate your lender offers for a mortgage with a term similar to the time you have left. Your proposed refinance rate may be different.

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Estimated prepayment penalty

Complete your details

Enter your balance, rate and mortgage end date to see an estimate.

Read the penalty guidance
How this estimate works

Use the comparison rate and interest-charge rate your lender confirms. This general method may differ from your contract.

Full payouts do not automatically deduct annual allowances. Special terms, waivers and portability credits need lender confirmation.

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Review my mortgage options

Estimate only, not financial advice or a lender payout quote. Published worksheets may differ from your contract or the lender's final calculation. Confirm rates, unused privileges, fees and the payoff amount with your lender before proceeding.

Understand your exit costs

The penalty is one part of leaving your mortgage. See what else matters.

Fixed-rate penalties often compare three months' interest with a rate differential. Your lender's method and contract determine the charge.

Illustrative fixed-rate comparison. Your lender confirms the method.

A general fixed-rate example compares $5,490 in three months' interest with a rate-difference estimate rising to $8,000. The higher estimate is selected.

Read the prepayment guidance

Keep planning

What will refinancing change?Compare your current mortgage with a new rate and balance.What will my mortgage payment be?Estimate the payment on your next mortgage.

Compare the cost of switching.

A Mortio mortgage professional can help compare your lender's payout costs with your next mortgage options.

Review my mortgage options
FAQ

Frequently Asked Questions

Understand the calculation before requesting your final payout quote.

Why do prepayment estimates differ between lenders?
Lenders may use different comparison rates, original discounts, rounding rules and calculation methods. Some worksheets are simplified estimates. Your mortgage agreement and lender's payout quote determine the actual charge.
How do fixed and variable penalties differ?
A closed fixed-rate mortgage often uses the higher of three months' interest and an interest-rate differential. A closed variable mortgage commonly uses an interest charge. Open mortgages and specialty products can have different rules. Confirm your product's terms with your lender.
Can my prepayment privilege reduce the penalty?
For a partial payment, this tool subtracts the unused allowance you enter from the amount you plan to pay. It does not automatically subtract annual privileges from a full payout. Ask your lender what is available and how it can be used.
Where do I find the comparison rate and original discount?
Ask your lender for the rate used for a term similar to the time remaining. For methods that use posted rates, the original discount is generally the posted rate at signing minus your contract rate. Use your agreement or lender's confirmation, rather than a new refinance offer.
Is the penalty the entire amount needed to pay off my mortgage?
No. You also need to repay the outstanding principal and regular interest, and other fees or cashback repayment may apply. The total exit-cost estimate here includes only the penalty and the extra costs you enter. Request a written payout statement.
Can I rely on this estimate before refinancing?
Use it for planning, then confirm the actual penalty, discharge costs, repayment permissions and any portability options with your lender. Rates and payout dates can change the result. This calculator is not a binding quote.
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