Calculators

Mortgage penalty calculator

Breaking a closed mortgage early costs the greater of two figures on a fixed rate, three months' interest or the interest rate differential, and three months' interest on a variable rate. The differential is where lenders part company: each lender compares your rate against its own current rate for the time remaining, on its own basis, and the basis is worth more than the arithmetic. This tool carries the basis lender by lender where a published record of it exists, shows both candidate figures with the binding one named, and says plainly where the basis is a class estimate rather than a published record.

Lender The basis record covers sixteen lenders as published by WOWA; the class options are labelled as estimates.

Current balance

Your contract rate (%)

Rate type

Months left in the term

Lender's current rate for the remaining term (%)

Why the basis decides the answer

A posted rate is a lender's rack rate, far above the rate mortgages actually close at, so a differential measured between posted rates runs on a wider gap than the same differential measured between discounted rates, and the penalty follows the gap. WOWA publishes which basis each of sixteen lenders uses, and the record is split in a way that surprises most borrowers: the largest banks are in the advertised-rate group on WOWA's current record, while several broker-channel and direct lenders, whose discounted rates look borrower-friendly at signing, sit in the posted-rate group. The sixteen are carried here with that source named; for any other lender the tool offers its class with the method printed, because an estimate with its method showing is worth more than a single figure with neither.

Sources and dates

Per-lender basis: WOWA's mortgage penalty calculator page, as captured in this estate's teardown library on 2026-11-15. The method (the greater of three months' interest or the differential, three months' interest on a variable rate) is the standard published method in Canadian mortgage contracts. Comparison rate prefill: the lowest rate confirmed at a lender for the nearest term in this site's mortgage rates record, labelled in the field. Posted five-year context: Bank of Canada, chartered bank posted rates, held in our rate history.