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What will breaking your mortgage cost?
Estimate a prepayment penalty before you list or refinance. Your lender’s payout statement is the final figure.
Your estimate
ESTIMATED PENALTY
| Three months’ interest | |
|---|---|
| Interest rate differential (estimate) |
The rate differential is an approximation. Each lender calculates it differently, and some use the posted rate rather than the discounted rate. Ask for the exact penalty in writing before you make a decision.
How this is estimated
What the estimate assumes.
Variable. Usually three months’ interest on the balance.
Fixed. The greater of three months’ interest and the rate differential, which is the contract rate minus today’s rate for the remaining term, applied to the balance.
Not included. Discharge fees, portability, and any penalty waived by a lender. Confirm each figure with your lender.
Read the rules: what it costs to break a mortgage.