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My situation

Not filled in yet: tools are showing sample numbers (Ontario · City of Toronto reference price). Enter where and how much, and every tool uses yours.

Where
Home price$

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What would it cost to break your mortgage now?

Thinking of switching or refinancing? See what breaking your mortgage could cost.

Remaining balanceSample number — change to yours$Current contract rateSample number — change to yours%Months left in termmonthsDiscount you receivedPosted rate at signing − contract rate; often 1–2% at big banks%Current posted rate for remaining termBlank = Bank of Canada 3-year posted 6.13% (closest to time left)%

Estimated penalty

$4,890

3 months' interest is higher, so it applies

3 months' interest$4,890
Interest rate differential (IRD)Comparison rate 4.63%, 3.0 years left$3,120

Include the penalty and see if switching pays off →

Estimate: variable usually costs 3 months' interest; fixed is the higher of 3 months' interest and IRD, with big banks using the posted-rate discount method. Methods vary; your lender's quote is final.