Mortgage Penalty Calculator

How much will it cost me to break my mortgage early? Thinking about refinancing your mortgage? Use our Mortgage Penalty Calculator to estimate how much it will cost you.

Penalty Calculator
We're Famous!
Step 2 - How Much Breaking Your Mortgage Will Cost

In general, lenders use the greater of the two values below (3 Month's Interest, or Interest Rate Differential (IRD)). Here's who much you should expect to pay:

Step 3 - Do You Have Questions?

So you've got an idea of how much it will cost you, but surely you've got questions. Speaking to a mortgage expert can not only help you find a better mortgage rate, but they can help you with your mortgage refinancing options.

Use our Mortgage Expert call back service and we'll connect you with a mortgage expert in your area. It's free, and there are no obligations.

What's the best rate in the market?

We compare over 500 mortgage rates to give you a snapshot of the best mortgage rates in Canada.

What's the best mortgage rate in my area?

Tell us about your mortgage and our crazy smart mortgage comparison engine will search the entire market finding you the best rate.

About Mortgage Penalties

This penalty calculator is meant to be a rough guide only. This penalty calculator is meant to be a rough guide only. Each lender has their own formula for calculating penalties and some use posted rates for their IRD calculation while others use discounted rates. A small number of lenders prohibit breaking a mortgage early -- regardless of the penalty -- unless in the case of an approved sale.

The Interest Act prohibits IRD penalties on terms over 5 years, after five years has elapsed. In such cases, a maximum 3-month interest penalty may apply. For example, someone who has been in a 6-year mortgage for 60 months or more would pay the 3-month interest penalty to break the mortgage contract before maturity. encourages you to contact your lender directly to find out your exact mortgage penalty.