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Mortgage penalty calculator

Ratehub.ca’s mortgage penalty calculator

Calculate the penalty to break your mortgage

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    • 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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    Jamie David

    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.

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