Current Mortgage
New Mortgage
Typical Canadian penalty: 3 months' interest or IRD, whichever is greater.
New Monthly Payment
$0
/month
Monthly Savings
+$0
Break-Even Period
1.2 years
$5,000 penalty recovered in 14 months
Total Interest Comparison
Current$220,000
New$291,700
Lifetime Savings (after penalty)
-$76,700
For estimation purposes only. Consult a mortgage professional for advice.