Mortgage Prepayment

What is a mortgage prepayment penalty?

A prepayment penalty fee is a fee that you pay if you change your mortgage contract terms prior to maturity. This includes paying off your entire mortgage early or paying a lump sum payment. The penalty will vary based on the type of mortgage that you have and can change over time.

The link below provides you with a “Mortgage Prepayment Calculator” which can be used to estimate the prepayment penalty/charge that would apply if you prepaid the full amount of your mortgage loan.

Mortgage Prepayment Calculator

If you are considering paying off your mortgage in full or applying a lump sum payment it is important to contact your lender to discuss what option is best for you!