Mortgage Penalty Calculator

    Estimate the penalty for breaking your mortgage early in Canada.

    $
    $50,000$2,000,000

    Remaining principal balance

    %
    1%10%

    Interest rate on your mortgage

    %
    1%12%

    Bank's posted rate at signing

    %
    1%10%

    Current posted rate for your term

    months
    1months60months

    Months left in your term

    01

    1=Variable (3 months interest), 0=Fixed

    Estimated Penalty

    $16,000

    Penalty Method Used

    2

    3 Months Interest

    $5,500

    IRD Penalty

    $16,000

    IRD Rate Used

    2.00%

    Penalty Method Used2
    3 Months Interest$5,500
    IRD Penalty$16,000
    IRD Rate Used2.00%

    Estimates only. Your lender sets the final amount.

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    Rate source: FCAC Mortgage Penalty Guidelines
    Data from Official Sources:BoC