Mortgage calculator
Mortgage prepayment penalty calculator
Estimate three months' interest and a simplified interest-rate-differential amount before requesting a lender payout quote.
Illustrative penalty estimate$10,000The higher of three months’ interest and a simplified interest-rate differential.
- Three months’ interest
- $6,563
- Simplified IRD
- $10,000
- Difference between rates
- 1.00%
This is not a lender payout amount. Contracts differ on posted rates, rate discounts, prepayment privileges, calculation dates, fixed versus variable rates, and fees. Request a written payout statement before making a decision.
How to use this estimate
Use current documents.Enter figures from the mortgage statement, renewal offer, payout quote, appraisal, or commitment where possible.
Compare like with like.Use the same balance, time period, and payment frequency when comparing alternatives.
Check the actual terms.Qualification, fees, compounding, privileges, and lender calculations may produce different results.