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Mortgage Calculator
Estimate your payments and break penalties before we talk. No personal information required.
Purchase Price
$500,000
Down Payment
$100,000 (20%)
Interest Rate
5.00%
Amortization Period
Payment Frequency
Your Estimated Payment
$2,632
per month
Purchase Price
Down Payment
$100,000
Mortgage Amount
CMHC Insurance
—
Total Mortgage
Lender Type
Remaining Mortgage Balance
$400,000
Your Current Rate
5.00%
Lender's Posted Rate at Signing
6.50%
Current Rate for Remaining Term
4.00%
Months Remaining in Term
24 months
Important: This is an estimate only. Your actual penalty must be confirmed directly with your lender. Major banks use their own IRD methods which can result in higher penalties than this estimate.
Estimated Penalty
$8,000
Greater of IRD and 3-Month Interest
IRD Penalty
$8,000
3-Month Interest
$5,000
Your lender charges whichever is higher — IRD or 3 months interest. Fixed-rate mortgages at major banks typically result in higher IRD penalties when rates have dropped since you signed.
Results are estimates for informational purposes only and do not constitute financial advice.
Actual penalties must be confirmed with your lender. Speak with Craig before breaking your mortgage.
Craig Reynolds
L1 Mortgage Agent
Licensed Mortgage Agent serving, Woodstock, Ingersoll, London, and Surrounding Areas. Helping Ontario homeowners and buyers find smarter mortgage solutions.
License Number: M24002371
FRSA #13556
Maventure Mortgage Co.
FSRA #13556
735 Fanshawe Park Rd W #1, London, ON N6G 5B4
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