Prepayment calculator
Thinking about paying off your mortgage early? Use our prepayment calculator to estimate what it could cost to pay all or part of your mortgage before the maturity date.
Calculator
Estimate your pre-payment charge.
Enter your mortgage details to calculate your estimated prepayment charge.
Remaining Principal Balance*
Your Current Interest Rate*
Term remaining
Your results.
Your estimated prepayment charge is:
Understanding Mortgage Prepayments.
The prepayment charge shown is approximate and provided for information purposes only. It is based on assumptions that may or may not apply to every situation and the information you have inputted, which may differ from the actual terms of your loan. For example, it assumes all scheduled mortgage payments are current as of today. Given that interest is calculated on a daily basis, the prepayment charge also changes every day. This estimate is calculated using Haventree Bank’s current reinvestment rates as of today’s date. If those rates change, your estimated prepayment charge may also change. Additional fees may apply if you choose to repay your mortgage early. For example, a Discharge Administration Fee may be required. To find out your exact prepayment charge, please contact Haventree Bank at 1.647.277.0051 or 1.855.272.0051
| If your term remaining is: | Then the current posted reinvestment rate used in the prepayment charge calculation is: | Current Rate |
|---|---|---|
| 1-17 Months | 1 Year | 2.99% |
| 18-29 Months | 2 Years | 3.17% |
| 30-41 Months | 3 Years | 3.21% |
| Greater than or equal to 42 Months | 4 Years | 3.26% |
Read the Understanding Your Mortgage guide to learn about key mortgage terms, how prepayment charges are calculated, and what to consider before paying off your mortgage early.
To learn more about consumer mortgage loans, visit the Financial Consumer Agency of Canada. For questions or help using the Haventree Bank’s Mortgage Prepayment Calculator, please call us at 1.647.277.0051 or 1.855.272.0051
The prepayment charge that you will pay is the greater of:
Three months’ interest formula
P = Amount you want to prepay
I = Annual interest rate as a decimal P x I = Y
Y/4 = Estimated three months’ interest
OR
Interest rate differential formula
I = Annual interest rate as a decimal
H = Haventree Bank’s current reinvestment rate for a similar mortgage
I – H = D (difference in interest)
P = Amount you want to prepay
M = Number of months remaining in your current mortgage term
(D x P x M)/12 = Interest differential amount
Identify your prepayment estimate
Use the table above to identify which current reinvestment rate is used in your prepayment charge calculation.
Please note: the results from this prepayment calculator are estimates only and intended for information purposes. For exact prepayment charges and details on any additional fees related to paying off your mortgage early or making a payment greater than your allowed prepayment privilege, please call us at the toll-free number below.
If you plan to pay off your entire mortgage balance, additional costs may apply. Details can be found in your mortgage documents or by contacting us directly.
Toll-free: 1.855.272.0051, Ext 4
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