Mortgage Prepayment Calculator

Mortgage type: Fixed Rate Variable Rate

Original mortgage amount:

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.

Mortgage amount outstanding:

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.

Have you made any payments within your prepayment privilege this year? Yes No

Anticipated prepayment date:

The date you anticipate paying down the full value of your mortgage.

Mortgage maturity date:

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 current interest rate:

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.

Rate discount:

Applies to fixed rate mortgages only. The difference between the rate you received and the posted rate on the date your mortgage was funded. If you received a discount from the posted rate, this value will be negative. For any other interest rate adjustment, this value will be zero. See the "Rate Discount Received" field in your Statement of Disclosure Renewal Notification or Annual Statement for the value to input in this field.

Today's posted rate:¹

¹ The current Canadian Western Bank posted residential term will be calculated based on the payout and maturity dates entered above, rounded to the nearest term.

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.

Unexpected error occurred

Unexpected error occurred while performing calculations. Please try again.

Mortgage Prepayment Calculator

Intermediate calculations

Results