Mortgage penalty calculator
Thinking about breaking your mortgage? Estimate the penalty first, then weigh it against what a better rate would save you.
Mortgage penalty calculator
Estimate what it would cost to break your mortgage early, so you can weigh it against what you'd save.
Auto-filled from the Bank of Canada's posted 3-year rate. Edit it if your lender quoted a different comparison rate.
Fixed-rate mortgages are charged the GREATER of three months' interest and the IRD.
Have a broker review your penaltyThis is an estimate, not a quote. Lenders don't all calculate penalties the same way. Some compare against posted rates, others against your discounted rate; they can also treat your remaining term and prepayment privileges differently. The Bank of Canada rate used here is the representative posted rate across the major banks, not your specific lender's. Your exact penalty must come from your lender's payout statement, and a Team Levine broker can walk through it with you and narrow the estimate down.
Worth knowing: if you're breaking your mortgage to move to a better rate, the savings can outweigh the penalty. We run both numbers before you decide.
Not sure if breaking your mortgage is worth it?
We'll compare your penalty against the savings from a new rate, and tell you straight if it doesn't make sense.