How is it calculated?
We estimate your penalty (the greater of three months' interest and the IRD for fixed mortgages), add costs, and compare your payment before and after.
What should I do with the result?
Use it to set a budget or a target rate, then let brokers and lenders bid on your actual mortgage. Bids include rate, penalty method, prepayment and fees, so you can compare the full cost.
Get a mortgage broker's bid too
Licensed mortgage brokers bid alongside banks, credit unions and private lenders on MortgageBids.ca. One broker bid can tap dozens of lenders, and on most prime mortgages the lender pays the broker, not you. Why use a mortgage broker · Get broker and lender bids
MBWritten by the MortgageBids.ca editorial team. Last updated October 7, 2026. General information only; your lender confirms terms for your file.
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