Mortgage calculators
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Mode
Enter just the essentials. We'll fill in the rest.
Your current mortgage
Minimum savings threshold
Only flag breaking as worthwhile if savings exceed this. Breaking involves legal fees and paperwork, so small savings may not be worth the effort.
Your break analysis
Technically yes — but below your savings threshold
Savings of $8,009 — below your $15,000 threshold
Breaking now would save about $8,009, which is less than the $15,000 you said would make it worth the effort. After legal fees and paperwork it may not be worth your time.
What to consider
Your payment drops by roughly $370 per payment.
Over the comparison window you pay $13,316 less, but owe $5,307 more at the end.
Estimated break penalty
IRD $14,798 vs 3-month interest $6,745 — IRD applied
$14,798
If you stay
If you break
Balance detail at break date
Penalty uses the Canadian semi-annual compounding standard. Actual lender penalties vary by contract and only your lender can give you a real payout figure.
For informational purposes only — consult a licensed mortgage professional before deciding.
Not worth breaking yet?
That does not mean the answer will stay the same. Rates move, and your penalty shrinks as your term gets shorter. MortgageSkip is being built to keep watching your scenario and tell you when it reaches a threshold you choose.
Rate watch is not open for sign-ups yet. When it opens, alerts will be opt-in, and a broker will only ever contact you if you specifically ask for that.