Check mortgage prepayment and break costs
What will it cost to break or pay off my mortgage early?
Paying extra or ending a closed mortgage early can trigger charges. Your contract sets the permitted extra payments and the penalty calculation. Get the lender’s actual payout figures before deciding whether a new offer saves money.
Where to begin
- Check whether the mortgage is open or closed.
- Find the prepayment privilege, permitted dates and unused allowance.
- Request a dated calculation of the penalty and all discharge or other charges.
- Ask whether cashback must be repaid and whether porting or another contract option is available.
- Compare the full cost of changing now with waiting until the term ends.
Before you open the official service
- Mortgage balance, contract, rate and remaining term.
- Amount and proposed date of the extra payment or payout.
Keep your actual documents and account details off this website. Use the official service’s current checklist before applying.
What to check for your situation
Do not assume every penalty is three months of interest. Methods and permitted prepayments vary by contract and lender.
Fees, processing times and document rules can change. This page helps you navigate; it does not confirm eligibility or replace the government’s instructions.
Official sources
canada.ca · Official websiteFCAC — Mortgage prepayment penaltiesPrepayment privileges and penalties depend on the contract. Penalties may reflect interest-rate differences; the lender must explain its calculation.Checked
Prepared by Active K Digital from the linked public guidance. Read our source approach.