Mortgage Penalty Calculator Canada

When did your current mortgage start? Enter the date you entered into your original (existing) mortgage contract.	What is your remaining mortgage balance? The balance of your original (existing) mortgage the day you are planning to refinance. I don't know this, help me estimate.
What is your current mortgage payment? Enter the current mortgage payment you make whether semi-monthly, monthly or semi-monthly. I don't know this, help me estimate.	How often do you make mortgage payments? Enter the frequency with which you currently make mortgage payments: monthly, semi-monthly or yearly.
What was your original mortgage balance? Enter the balance of your mortgage on the initial signing date of your contract.	Amortization period of your current mortgage? Enter the amortization of your mortgage on the initial signing date of your contract.
Who is your current mortgage provider? Which mortgage lender is providing your current (existing) mortgage contract?	What was the original term of your mortgage? The mortgage term is the amount of time a homebuyer commits to the rules, conditions and interest rate agreed upon with the lender. The term can be anywhere from six months to 10 years, with a 5-year mortgage term being the most common duration.
What type of rate is it? Is your current mortgage rate variable or fixed? Variable rate Fixed rate	What is your existing mortgage rate? Enter the mortgage rate you are currently paying on your existing mortgage rate.
What rate discount did you receive on your existing mortgage? The discount you received when signing your contract. For example if the posted rate at the time was 5.0% and you ended up paying 3.0%, your discount would have been 2%. I don't know this, help me estimate.	Which province are you located in?

Based on your inputs we've estimated your mortgage payment and remaining mortgage. Adjust these amounts if you've taken advantage of your prepayment options.

Your current mortgage payment:

Your remaining mortgage balance:

Your estimated mortgage penalty is $-.

3 months' interest penalty

$- outstanding mortgage balance

3/12

							0.08
							three month's interest penalty
						

0.00 mortgage break penalty

0.00 lender discharge fees

								0.00
								total fee to break mortgage
							

Interest rate differential (IRD) penalty

(

) /

12 convert to monthly interest rate

							0.00
							ird factor
						

0.00 ird factor

$- outstanding mortgage balance

12 months remaining in term

							0.08
							interest rate differential
						

0.00 mortgage break penalty

0.00 lender discharge fees

								0.00
								total fee to break mortgage
							

The mortgage is open and you will not incur a penalty to break it.

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*Disclaimer: Please note that the calculation results are estimates based on our most up-to-date information sourced from lenders’ publicly stated methodology and first-hand accounts. This information is subject to change. The results do not include special offers, such as cash back incentives, or any discharge, registration, reinvestment or transfer fees you may also incur. For an exact penalty calculation, contact your lender directly.

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Mortgage Penalty Calculator

When breaking your mortgage contract early, usually because of a refinance or the sale of your home, you will unfortunately have to pay your lender a penalty called a prepayment penalty. The amount you pay will depend on a variety of factors including the day you signed your original mortgage contract, the term of that contract and your existing mortgage balance, rate type and mortgage rate.

One of the biggest drivers of your mortgage penalty is whether you have a variable or fixed mortgage rate. Fixed rate holders pay the greater of interest rate differential or three months interest, while variable rate holders pay just three months interest.

Ratehub.ca’s mortgage penalty calculator captures your required inputs, determines your prepayment penalty and shows you the corresponding calculations for the curious mathematicians out there. For a more detailed article on determining your penalty, please visit our costs of refinance page.

Mortgage penalty calculator