Mortgage Prepayment Charge Calculator
Your Results:
- $ is your estimated prepayment charge(1)
Prepayment Charge Details |
|
| Prepayment Charge(1) | $ (calculated as at ) |
| Amount you are prepaying | $ (part of the mortgage balance) |
Mortgage Details
| Type of Mortgage | |
| Current Mortgage Balance | $ |
| Term Maturity Date | |
| Current Interest Rate | |
| Discount | % |
| Payment Amount/Frequency(2) | $ |
| Date of Last Regular Payment | |
This calculation is based on the accuracy and completeness of the data you have entered, is for illustrative and general information purposes only, and is not intended to provide specific financial or other advice, and should not be relied upon in that regard. Actual results may vary, possibly to a large degree. For purposes of determining the prepayment charge applicable to your mortgage, the data taken from the accounts and records of Royal Bank of Canada will constitute conclusive evidence of such data.
Royal Bank of Canada uses reasonable efforts to include accurate and up-to-date information in this calculator, but cannot guarantee that all information is accurate, complete or current at all times. You should speak with one of our mortgage specialists before making a final decision on a mortgage or a mortgage prepayment to ensure it meets your overall financial needs.
Royal Bank of Canada does not make any express or implied warranties or representations with respect to any information or results in connection with the calculator. Royal Bank of Canada will not be liable for any losses or damages arising from any errors or omissions in any information or results, or any action or decision made by you in reliance on any information or results.
1 Refer to your registered mortgage document or Approval of Mortgage and Cost of Borrowing Disclosure statement for the details specific to your mortgage. Please visit your branch or call us at 1-800-769-2511 to obtain your exact prepayment charge. This is an estimate only.
2 Payment amount and payment frequency is the same as your current mortgage.
4 The charge applied on the requested payout date may change over time due to several factors:
- As the number of months or days remaining in the term of the mortgage changes with each day, it is possible for the “similar term” mortgage used for comparison purposes in the IRD calculation to also change.
- Because the IRD calculation is based on the difference between the mortgage interest rate and the posted interest rates on the requested payout date, if the posted rates change, the IRD calculation will also change.
- If a different payout date is requested, it is possible to have a prepayment charge using the 3 months’ interest method change to a prepayment charge using the IRD calculation or the reverse because of the factors noted above.
- As the outstanding balance reduces the prepayment charge could change. The mortgage agreement sets out what options area available for reducing the balance faster. These options may include increasing the amount or frequency of regularly scheduled payments or making an additional payment. Some of these options can only be exercised annually. Please refer to your mortgage documentation for further details.