Estimate Your Mortgage Penalty Before You Refinance

Breaking a mortgage early can trigger a prepayment penalty—and those costs can be surprising. That’s why we’ve created this simple calculator to help you estimate what your penalty might look like, based on typical lender formulas like 3 months’ interest or the Interest Rate Differential (IRD).

At Financial Lend, we help you structure lending options that make it easier to pivot without penalty—or with far less of one.

How It Works:

Just enter your mortgage details and get an instant estimate based on the two most common penalty calculations in Canada. This tool is for illustration only—but it’s a great way to start planning your next move.

Why This Matters:

Most banks charge whichever penalty is higher—but private and alternative lenders, like the ones we work with, often use flat fees or shorter-term interest penalties. That means more flexibility when you're ready to refinance or sell.

Disclaimer: The estimated calculation results provided are based on our latest insights derived from the publicly disclosed methodologies of lenders and firsthand experiences. Please be aware that this information may change and does not account for any special promotions or fees related to discharges, registration, reinvestment, or transfers. For more comprehensive details, please reach out to your lender directly.

• BMO: 1-877-225-5266

• CIBC: 1-800-465-2422

• Desjardins: 1-800-224-7737

• First National: 1-888-488-0794

• HSBC: 1-888-310-4722

• MCAP: 1-800-265-2624

• National Bank: 1-888-835-6281

• RBC: 1-800-769-2511

• Scotiabank: 1-800-472-6482

• Simplii Financial: 1-888-723-8881

• Tangerine: 1-888-826-4374

• TD: 1-866-222-3456