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Penalty Calculator

Penalty Calculator

Please choose which of the following applies to your mortgage:

Please note, if you have a Low Rate Advantage mortgage please contact our customer service department for more information on your prepayment penalty.

Variable Rate Mortgage   or   Fixed Rate Mortgage   or   Home Equity Line of Credit

For a closed variable rate mortgage your prepayment charge is 3 months' interest (90 days), calculated on your remaining mortgage balance on the date of prepayment.
For a closed fixed rate mortgage your prepayment charge is the greater of:
  • 3 months' interest (90 days), calculated on your remaining mortgage balance on the date of prepayment, or
  • the interest rate differential amount
(a) where your HELOC has no Locked In Portion, an administration fee of 1.5% calculated on the Credit Limit and prorated over the remaining term. We calculate the administration fee as follows:
  • Credit Limit x 0.025% x number of remaining months in the Term

(b) where you have one or more Locked In Portions, the greater of:

  • (i) the administration fee calculated as stated in (a) above; or
  • (ii) the sum of the applicable prepayment charge(s) for the Locked In Portion(s). You will need to calculate the penalty for each Locked in portion using the calculators below. (Fixed or Variable)

Home Equity Line of Credit

3 Months Interest

Interest Rate Differential

Current Rates:

6 month 5.99%
1 Year 2.89%
2 Year 2.89%
3 Year 2.99%
4 Year 3.09%
5 Year 3.44%


Information about the calculator

When choosing the rate for the equivalent remaining term of your mortgage, round to the nearest whole term.

This calculator makes certain assumptions and is for estimates only. It will provide you with an approximate value to assist you in making decisions regarding your mortgage. To obtain an exact payout figure, please contact us directly.

Payment timing, payment amount and interest rate changes can have a big impact on your Interest Rate Differential amount calculation. Use the prepayment calculator to see how changes can impact your prepayment charges.