Mortgage Prepayment Charge Calculator

Mortgage Prepayment Charge Calculator

This calculator estimates the prepayment charge that applies if you prepay your mortgage in full . You will need to input your mortgage details. You can find this information on your mortgage documents, (eg. Mortgage Disclosure Statement, Your Welcome Letter, Renewal Confirmation) through pcfinancial.ca, or you can call us at 1-888-866-0866.
This calculator estimates the prepayment charge that applies if you prepay part (not all) of your mortgage. You will need to input your mortgage details. You can find this information on your mortgage documents, (eg. Mortgage Disclosure Statement, Your Welcome Letter, Renewal Confirmation) through pcfinancial.ca, or you can call us at 1-888-866-0866.

Do not use this calculator if:

  • you have an Auto 6 or Auto 12 (Convertible) mortgage. It may be prepaid only on sale, with a prepayment charge of 1% of the outstanding balance.
  • you have a Basic mortgage. It may be prepaid only after the 3rd anniversary of the interest adjustment date (IAD), with a prepayment charge of 3 months interest at your mortgage rate plus any discount received.
  • your mortgage is beyond its 5th anniversary. The prepayment charge would be 3 months interest at your mortgage rate.
  • you received cash back with your mortgage. Please contact us at 1-888-866-0866.

Do not use this calculator if:

  • you have an Auto 6 or Auto 12 (Convertible) mortgage. Partial prepayment cannot exceed the annual privilege (10% for Auto 6, 20% for Auto 12).
  • you have a Basic mortgage. Partial prepayment cannot exceed 10% of the original principal amount, and the prepayment charge is 3 months interest at your mortgage rate, plus any discount received. Partial prepayment can be made only on an anniversary of the interest adjustment date (IAD).
  • your mortgage is beyond its 5th anniversary. Please contact us at 1-888-866-0866.
  • you received cash back with your mortgage. Please contact us at 1-888-866-0866.

 Full Prepayment
 Partial Prepayment
$

Enter your original mortgage amount, not your current mortgage amount.

  %

The maximum percentage of your original mortgage amount that you can prepay in each mortgage year without paying a prepayment charge.

 

The prepayment amount you can make in each mortgage year without a prepayment charge.

 

Select your mortgage type from the dropdown menu.

$

Enter the outstanding principal balance you currently owe on your mortgage. Do not enter the original amount you borrowed.

$

Enter the dollar amount you wish to prepay. Prepayment charges apply to the portion of the prepayment that is in excess of your "annual prepayment privilege." Note for existing clients: this calculator assumes that no prepayments have been made in the current year, and therefore the full annual prepayment privilege is available to the borrower for the purposes of projecting this charge.

 

Select the mortgage maturity date from the calendar.

yyyy/mm/dd

  %

Enter your current interest rate.

99.999

  %

If you received any interest rate discount when you entered or renewed your mortgage, enter the amount of the interest rate discount.

99.999

 

Enter the regular principal and interest payment amount you are required to make on your mortgage. Do not include amounts for insurance, taxes, or any extra amounts that you pay to reduce your principal faster.

Select the frequency of your regular scheduled mortgage payment from the dropdown menu.

$

Enter the amount of any cash back you received when you entered or renewed your mortgage. This calculator assumes that you are required to repay us 100% of the cash back amount. If your cash back documents require that you repay us less than 100% of the cash back amount, please call us at 1-888-866-0866 to determine the actual cash back repayment amount.

Important Information
Additional fees may apply including: Discharge, Assignment and Registration fees.
The Mortgage Prepayment Calculator results are based on the information you provided and are for illustrative and general information purposes only. This calculator is not intended to provide specific financial or other advice, and should not be relied upon in that regard. The actual prepayment charge may differ from the estimate provided. For purposes of determining the prepayment charge applicable to your mortgage, the data taken from the accounts and records of President's Choice Financial will constitute conclusive evidence of such data.

® PC, President's Choice, President's Choice Financial and Fresh Financial Thinking are registered trademarks of Loblaws Inc. CIBC is a licensee of the marks.

The comparison interest rate is our current posted interest rate for the mortgage product to which we compare your mortgage when we calculate your prepayment charge.

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President's Choice Financial services are provided by the direct banking division of CIBC. President's Choice Financial MasterCard is provided by President's Choice Bank.

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