Mortgage Prepayment Charge Calculator

Can you save money? Compare your break even rate to another rate.

To compare another rate to your break even rate, enter that rate in the box next to the slider or move the slider to that rate. The table will automatically update to show how much money you would save—or what your additional interest costs would be—at that rate if you broke your mortgage.

To see current interest rates, visit our view rates page.

New Interest Rate: (Move slider to compare a different rate) Please enter an interest rate between 1.00% and your current mortgage interest rate. Please enter an interest rate between 1.00% and your current mortgage interest rate. Please enter an interest rate between 1.00% and your current mortgage interest rate. Please enter an interest rate value.	Break Even Rate: % %
Interest Savings(2): (Relative to your break even rate)	$0.00

This calculation is based on the accuracy and completeness of the data you have entered, is for illustrative and general information purposes only, and is not intended to provide specific financial or other advice, and should not be relied upon in that regard. Actual results may vary, possibly to a large degree. For purposes of determining the prepayment charge applicable to your mortgage, the data taken from the accounts and records of Royal Bank of Canada will constitute conclusive evidence of such data.

Royal Bank of Canada uses reasonable efforts to include accurate and up-to-date information in this calculator, but cannot guarantee that all information is accurate, complete or current at all times. You should speak with one of our mortgage specialists before making a final decision on a mortgage or a mortgage prepayment to ensure it meets your overall financial needs.

Royal Bank of Canada uses reasonable efforts to include accurate and up-to-date information in this calculator, but cannot guarantee that all information is accurate, complete or current at all times. You should speak with one of our mortgage specialists before making a final decision on a mortgage or a mortgage prepayment to ensure it meets your overall financial needs.

¹ This is the annual interest rate that you would need to get on your new mortgage in order to "break even"—meaning that after the prepayment charge is factored into breaking your mortgage, this is the rate at which you would not be paying additional money in order to make the switch. Please note that your break even rate may not be available, depending on current mortgage rates . We recommend that you visit your local branch for more information before making the decision to break your mortgage.

² This field shows what your interest cost savings or additional interest charges would be based on the interest rate indicated on the slider and as compared to your break even interest rate, from now until the end of your existing mortgage term.

³ Under our annual prepayment option for closed mortgages, you may be able to apply all or part of your prepayment charge as a lump sum payment to your mortgage.

⁴ This calculation assumes: (i) a constant interest rate throughout the amortization period, (ii) interest is compounded semi-annually for fixed interest rates and each payment period for variable interest rates; and (iii) the payment schedule you selected is maintained with no additional payments or skipped payments, unless selected by you.

⁵ You can choose to pay your prepayment charge separately, or you can add it on to your original mortgage balance (subject to credit approval). If you add the prepayment charge to your original mortgage amount, you will be increasing the balance on your mortgage, which could extend the amortization period and increase your interest costs. The amount of the prepayment charge together with the outstanding mortgage balance cannot exceed your original amount. If you can afford to pay the prepayment charge separately, you will avoid paying interest on the prepayment charge.