Mortgage Penalty Estimator
Thinking about selling, refinancing or switching before your term ends? Explore an illustrative early-payout scenario—not a lender quote.
Your illustrative estimate
Enter your scenario to begin. Calculating does not send an inquiry.
The email button prepares a plain-text draft in your email app. Nothing is sent automatically. The website contact form does not attach these figures.
Understand the assumptions
- Open mortgage: $0 prepayment penalty; other costs may apply.
- Three months’ interest = balance × annual rate ÷ 100 × 3 ÷ 12.
- Simplified IRD = balance × max(starting rate − comparison rate, 0) ÷ 100 × remaining months ÷ 12.
- Fixed illustration uses the higher of those two amounts. The variable illustration assumes three months’ interest.
These are illustrative methods, not universal lender rules. Actual charges can use different rates, daily interest, amortizing balances, minimum charges or other contract provisions. This tool does not calculate partial-prepayment penalties or determine whether your mortgage can be ported or broken.
Ask your lender for a dated payout or penalty quote, applicable privileges and restrictions, fees and any cashback repayment. A lower new rate does not automatically mean switching saves money.
Estimate only: This is not a lender payout statement, savings recommendation, mortgage approval or offer. Confirm the method and actual amount with your lender before acting.
Source: Financial Consumer Agency of Canada — mortgage prepayment penalties