Mortgage penalty by lender / Equitable Bank
Equitable Bank mortgage penalty calculator
If your mortgage is with Equitable Bank and you are thinking about breaking it early, this page sets out how Equitable Bank describes its prepayment charge and lets you estimate the penalty for your own numbers. It is an estimate based on the information you enter. Only Equitable Bank can give you the actual figure.
MortgageSkip is independent and is not affiliated with, endorsed by, or acting for Equitable Bank. Lender details summarised from Equitable Bank’s own published information, last reviewed September 28, 2026.
Equitable Bank at a glance
- Fixed-rate closed mortgages
- Not published in a form we could confirm. Check your mortgage contract.
- Variable-rate closed mortgages
- Not published in a form we could confirm. Check your mortgage contract.
- Annual prepayment privileges
- Equitable Bank's calculator describes a maximum prepayment without a charge of either 15% or 20% of the original principal, depending on the prepayment privilege in your mortgage. Prepayments within these limits generally carry no charge; amounts above them usually do. Products differ, so you may wish to confirm yours.
- Online penalty calculator
- Equitable Bank publishes its own prepayment charge calculator, which is the more authoritative estimate for an existing Equitable Bank mortgage. Open Equitable Bank’s calculator.
Estimate a Equitable Bank penalty
The calculator below is pre-set to the way Equitable Bank measures a fixed-rate penalty. Nothing you enter leaves your browser. The result is an estimate, not a quote.
Mode
Enter just the essentials. We'll fill in the rest.
Your current mortgage
Pre-set for Equitable Bank, based on how it describes its prepayment charge. You can change it if your contract says otherwise.
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
IRD measured against 3.89%: today's rate for the remaining term
Measured the other way the IRD would be $9,291. Lenders differ, and only a payout statement settles it.
$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.
How Equitable Bank measures the penalty
Equitable Bank (EQ Bank) describes the interest rate differential as the difference between your existing mortgage rate and the rate it can now charge when re-lending the funds for the time remaining on your term, calculated on the amount being prepaid. That is a current-rate approach rather than a posted rate less a discount. We could not confirm published wording on whether the fixed-rate charge is the greater of this and three months' interest, or on the variable-rate charge, so you may wish to check your mortgage contract for both.
In the calculator this is the "another lender" setting: the interest rate differential is measured against today's rate for a term close to the time you have left. In Advanced mode you can enter the rate Equitable Bank currently offers for that term.
Every mortgage contract sets its own terms, and older or specialty products can differ from what a lender publishes today. If the scenario looks worth exploring, you may wish to ask Equitable Bank for a payout statement, which is the figure that counts.
Source: EQ Bank, Mortgage prepayment charge calculator. Reviewed September 28, 2026. If something here has changed, we would like to hear about it through the contact page.
Questions about a Equitable Bank penalty
- How does Equitable Bank calculate its mortgage prepayment penalty?
- We could not confirm this from published information, so you may wish to check your mortgage contract.
- What is the penalty for breaking a Equitable Bank variable-rate mortgage?
- We could not confirm this from published information, so you may wish to check your mortgage contract.
- How much can I prepay on a Equitable Bank mortgage without a penalty?
- Equitable Bank's calculator describes a maximum prepayment without a charge of either 15% or 20% of the original principal, depending on the prepayment privilege in your mortgage. Amounts above these limits usually carry a prepayment charge. Privileges differ by product, so you may wish to confirm yours in your mortgage documents.
- Does Equitable Bank have its own mortgage penalty calculator?
- Yes. Equitable Bank publishes a prepayment charge calculator on its website. For an existing Equitable Bank mortgage it is a more authoritative estimate than a general calculator like this one, and a payout statement from Equitable Bank is the figure that counts.
- Why might Equitable Bank's figure differ from this estimate?
- This calculator uses the Bank of Canada's average big-bank posted rates and the numbers you enter. Equitable Bank's own rates, the exact term it compares against, how it counts the days remaining, and any fees can all change the result. These figures are estimates based on the information entered. MortgageSkip is not affiliated with Equitable Bank.