Disclaimer
How to read the numbers on this site, and how MortgageSkip makes money.
Last updated 30 August 2026
Draft pending legal review. This page was written for how MortgageSkip actually works, rather than copied from a template, but it has not yet been reviewed by a lawyer. It should be before the site handles real customer data.
The numbers are estimates
Every figure MortgageSkip shows is an estimate produced from the information you enter and from assumptions we display alongside the result. We show those assumptions on purpose, because a number without its assumptions is not much use.
Penalty estimates carry the most uncertainty. A variable-rate mortgage commonly uses three months of interest, which is reasonably predictable. A fixed-rate mortgage usually uses the greater of three months of interest and an interest rate differential, and the IRD depends on your lender’s posted rates and the precise wording of your contract. Our IRD figure is an approximation and can differ meaningfully from what your lender calculates.
Only your lender can give you the real figure
If a scenario looks worth exploring, the next step is asking your lender for an actual payout statement. Treat anything here as a reason to make that call, not as a substitute for it.
This is not advice
MortgageSkip is not a mortgage brokerage, a lender, or a financial advisor, and nothing here is financial, legal, or tax advice. We describe what scenarios suggest. We do not recommend a course of action, a lender, or a product, and using this site does not create a professional relationship between us.
Results go stale
Rates move and lender rules change. Results are timestamped for that reason. A scenario from a few months ago may no longer reflect your situation, and your penalty generally changes as your term gets shorter.
How MortgageSkip makes money
MortgageSkip is free for homeowners.
If you choose to speak with one of our partner mortgage brokers and later complete a mortgage through that broker, MortgageSkip may receive a referral payment or a share of the revenue the broker earns. You are never required to use one of our partners. You can take the information from MortgageSkip to your own broker, to your lender, or simply use it to understand your own mortgage better.
Our goal is to make the math clear before any conversation begins.
Where we operate
MortgageSkip is currently built around mortgages in Ontario, Canada. Rules, products, and lender practices differ by province.
Questions
If something here is unclear, or a number looks wrong to you, please tell us at info@mortgageskip.ca. We would rather hear it.