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Mortgage Prepayment Charge Calculator

  • 1 You are on step 1 of 4:Prepayment Overview
  • 2 Full or Partial Prepayment
  • 3 Mortgage Details
  • 4 Results

Calculate your prepayment charge and determine whether it is to your advantage-or disadvantage-to break your current closed mortgage.

This quick calculator will show you how much it may cost to prepay your mortgage, in part or in full.

Before getting started, please keep the following in mind:

  • The tool estimates the prepayment charge (the cost to break the term of your mortgage) as of today's date on fixed or variable mortgages(1) having a closed term. Please contact us to find out your exact prepayment charge.
  • The prepayment charge will be the greater of 3 months interest or interest for the remainder of the term on the amount prepaid calculated using the interest rate differential Interest rate differential (opens new window) for fixed rate mortgages, and the 3 month interest charge for variable rate mortgages.
  • To give you a more accurate estimate of your prepayment charge, you may need to have your original mortgage documentation on hand to answer some of the questions below.

Understanding Prepayment Charges

Prepayment charges are connected to mortgages where the interest term is 'closed'. The closed term allows for prepayments up to 10% of the original mortgage balance once per anniversary year. We call this your "Annual Prepayment Option". For example, if you took your mortgage out for $250,000 on February 1st, you may make a payment of $25,000 every year between February 1st and January 31st. If you pay more than 10% of the original balance, you must pay a prepayment charge on the entire balance you wish to prepay.

You can reduce the outstanding balance of your mortgage, and therefore your prepayment charge, by exercising your Annual Prepayment Option before you pay off the mortgage.

Learn more about mortgage prepayment charges below, then continue to the calculator to estimate your prepayment charge.

Expand - How are prepayment charges calculated? How are prepayment charges calculated?

Expand - When do I have to pay a prepayment charge? When do I have to pay a prepayment charge?

Expand - Fixed and Variable Fixed and Variable

Expand - Open and Closed Terms Open and Closed Terms

Expand - Long and Short Terms Long and Short Terms


1 You cannot prepay your mortgage unless all your payments are up to date.