The original amount financed through your mortgage. This differs from the remaining balance owing on the mortgage (see Mortgage Amount Outstanding below). See the "Principal Amount" field on your Statement of Disclosure for the value to input in this field.
The remaining balance, or principal, to be paid on your mortgage as of today's date. See the "Principal Amount as at [the current year]" field on your annual statement for an approximate value for this field.
The dollar value of your prepayment privileges used this year. For both fixed and variable rate mortgages, your yearly prepayment privileges include:
- an increase in your monthly payment by up to 20% of the original payment;
- a lump sum payment of 20% of the original mortgage amount; or,
- doubling up your payments.
The date you anticipate paying down the full value of your mortgage.
The date your existing mortgage expires. E.g. You are approved for a 5-year fixed rate mortgage on November 1, 2011; your Mortgage Maturity Date is October 31, 2016.
Your annual interest rate. For fixed rate mortgages, the interest is compounded semi-annually and calculated half-yearly, not in advance. For variable rate mortgage, your interest in compounded monthly not in advance.
The difference between your mortgage rate and the current rate for a mortgage that most closely resembles the remainder of your term (inclusive of any rate discount or premium on your mortgage), multiplied by the mortgage amount outstanding for the remaining time left on your mortgage up to the mortgage maturity date. See the "Prepayment Charges" field on your Statement of Disclosure for more information.
For a variable rate mortgage, you must pay the three month penalty.
For a fixed rate mortgage, you must pay the greater of the three month penalty or the interest rate differential.
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This interactive calculator is made available to you as a tool for your independent use and is intended to be used for illustrative purposes only. We cannot guarantee the accuracy or applicability to your current individual circumstances. For more information regarding your specific prepayment penalty, please contact a customer service representative
or call 1-866-441-3775.