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Mortgage penalty calculator’s mortgage penalty calculator

Calculate the penalty to break your mortgage

*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 and does not include special offers or any discharges, registration, reinvestment or transfer fees. For more details, contact your lender directly.

  • BMO: 1-877-225-5266

  • CIBC: 1-800-465-2422

  • Desjardins: 1-800-224-7737

  • First National: 1-888-488-0794

  • HSBC: 1-888-310-4722

  • MCAP: 1-800-265-2624

  • National Bank: 1-888-835-6281

  • RBC: 1-800-769-2511

  • Scotiabank: 1-800-472-6482

  • Simplii Financial: 1-888-723-8881

  • Tangerine: 1-888-826-4374

  • TD: 1-866-222-3456

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Frequently Asked Questions

How is a mortgage penalty calculated?

What is the penalty for paying off a mortgage early?

How much is a 3-months-interest penalty?

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 of interest, while variable rate holders pay just three months of interest.’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. calculators

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