Calculators / Mortgage Refinance & Penalty Calculator
Calculators / Mortgage Refinance & Penalty Calculator
Mortgage Refinance & Penalty Calculator
Estimate the prepayment penalty you’d pay to break your mortgage — using the same 3-months-interest and interest rate differential (IRD) methods most Canadian lenders use.
$
%
%
Used for the IRD calculation (fixed-rate mortgages only)
Estimated prepayment penalty
$0
3 months' interest
$0
Interest rate differential (IRD)
$0
Method used
—
Estimate only. Variable-rate mortgages are charged 3 months' interest. Fixed-rate mortgages are charged the greater of 3 months' interest or the IRD, calculated as (your rate − the lender's current comparable-term rate) × balance × (months remaining ÷ 12). Actual lender formulas vary — some use posted rates, others discounted rates.