Mortgage Prepayment Calculator
As an existing Coast Capital mortgage member, the Mortgage Prepayment Calculator will give you an estimate of how much it could cost you to prepay your mortgage down, in part or in full.
Please note, this calculator is only for closed term mortgages issued after November 1, 2018.
We would be happy to discuss your options and help you determine the right choice for you.
Refer to the: Mortgage Basics: Types of Mortgages and Prepaying Mortgages page for additional information, such as:
- Suggestions on how you can take advantage of our flexible mortgage prepayment privileges to pay off your mortgage faster and reduce or eliminate prepayment charges
- Explanations on how prepayment charges are calculated, including examples of Interest Rate Differential (IRD) and 90 days interest are calculated.
- The prepayment charge quoted is valid for today ONLY and is NOT an official mortgage payout statement. The prepayment charge may vary based on interest rates changes and the time left remaining in the mortgage term.
- This calculator is not applicable to open-term mortgages or mortgages that were issued prior to November 1st, 2018.
- This calculation does not take into account any prepayments you have made or plan to make.
- Any annual prepayment privilege exercised within 30 days of full payout will be added back for the purposes of calculating the penalty.
- If paying your mortgage in full you may also be subject to a $75 discharge fee.
- For variable rate mortgages the prepayment charge calculation is based on 90 days interest based on the interest rate on the day of prepayment.
- For fixed rate mortgages the prepayment charge is the higher of 90 days interest calculated at the applicable fixed interest rate at the time of prepayment, or an amount calculated using interest rate differential (IRD). If the term is greater than five years, and you prepay after the fifth year of the term, the prepayment charge is equal to 90 days interest. The interest rate differential is the difference between your existing mortgage interest rate and our current posted rate charged for the mortgage similar to yours for the remaining term of the mortgage, less any rate discount you may have received.
These calculators are made available to you as tools for independent use and are not intended to provide credit advice. We cannot and do not guarantee their applicability or accuracy. All examples are hypothetical and are for illustrative purposes only.
Please visit your branch to seek personalized advice from qualified professionals for all personal financial advice.