Early mortgage payout
Mortgage penalty estimate
Compare three months' interest with a simplified interest-rate differential before requesting an official payout statement.
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Mortgage contract
Select the mortgage type and enter the figures from your statement.
Simplified penalty and fees
$19,300
$18,900 penalty estimate plus entered fees
Three months' interest$7,682
Simplified IRD$18,900
Illustrative penalty$18,900
Entered fees$400
Lenders calculate interest-rate differential differently and may use a posted rate, discount, reinvestment rate or other contract method. Ask the lender for an official written payout statement.
Read the result carefully
Only the lender can quote the actual payout.
- Fixed-rate penalties are often the higher of three months' interest or an interest-rate differential.
- The lender's comparison rate, posted-rate discount and contract method can make the actual IRD very different.
- Discharge, reinvestment, appraisal, legal or administrative charges may apply in addition to the penalty.