Demo ModeSample profile only — sliders and estimates are illustrative. Join Beta to run the calculator on your own audited commitment.

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Sandbox demo — penalties and scenarios use the ABC Bank sample audit.

Viewing offer: Doe_John_StandardCharge_Ontario_2024-03-14.pdf

From your audit (read-only)

Linked to Smart Comparison: Doe_John_StandardCharge_Ontario_2024-03-14.pdf

Lender

ABC Bank

Principal

$485,000

Contract rate

5.79% p.a.

Rate type

Fixed

Remaining term (contract)

60 mo total → 60 mo at slider

Charge type

Standard

Scenario (most common order)

Apply annual prepayment privilege (Lump Sum)Manual request required (Caution)Ontario pattern: an extra payment only reduces the balance used for your IRD (interest rate differential — the extra charge based on the gap between your rate and today's rates) after the lender confirms it has posted. Treat an online payment receipt as helpful, not final. It counts when your mortgage balance statement says so.

CAD(Year 1 limit)

When do you exit? (months passed in term)

0 mo

Remaining months for IRD: 60 (of 60 mo term)

Current market rate (% p.a.)

Assume no rate change

Benchmark matches your contract rate (5.79% p.a.); IRD spread is zero unless a posted-rate floor applies.

Total exit cost

$7,395

Dominant penalty: A (3-mo interest)

Penalty A (3-mo interest)

$7,020

Penalty B (IRD)

Penalty C (floor % on principal)

Discharge + admin

$375

Model: MAX(A, B, C) + discharge + admin (Clause 8 estimates). Not legal advice — confirm with your lender.