Answer these questions to calculate your closed term mortgage prepayment penalty.

Tell us how much of your mortgage you would like to prepay.
Tell us about your existing mortgage by selecting the most appropriate option.

Your mortgage prepayment penalty will be equal to three-months interest. In order to proceed with the calculation of your 3 month interest penalty you will be required to answer the questions below.

$
*includes dollars and cents
%
*include all decimal spaces

For Closed Fixed Rate Mortgages, the current interest rate displayed in your online banking profile and mortgage statement reflects semi-annual compounding.

For the purpose of calculating your mortgage prepayment penalty, your interest rate will be converted to a monthly compounded equivalent rate which is lower than the semi-annual rate–and is the rate used to determine your mortgage payment amount.

* number of months expressed numerically
%
*include all decimal spaces

For the purpose of ensuring consistency and accuracy the Posted Mortgage Rate will also be automatically converted to a monthly compounded equivalent rate.

$
*includes dollars and cents
%
*include all decimal spaces

For Closed Fixed Rate Mortgages, the current interest rate displayed in your online banking profile and mortgage statement reflects semi-annual compounding.

For the purpose of calculating your mortgage prepayment penalty, your interest rate will be converted to a monthly compounded equivalent rate which is lower than the semi-annual rate–and is the rate used to determine your mortgage payment amount.

* number of months expressed numerically
%
*include all decimal spaces

For the purpose of ensuring consistency and accuracy the Posted Mortgage Rate will also be automatically converted to a monthly compounded equivalent rate.

$
*includes dollars and cents
$
*includes dollars and cents
$
*includes dollars and cents
$
*includes dollars and cents
%
*include all decimal spaces

It should be noted that your closed variable rate mortgage interest rate reflects monthly compounding.

$
*includes dollars and cents
%
*include all decimal spaces

It should be noted that your closed variable rate mortgage interest rate reflects monthly compounding.

$
*includes dollars and cents
$
*includes dollars and cents
$
*includes dollars and cents

It should be noted that your closed variable rate mortgage interest rate reflects monthly compounding.

Summary
Mortgage Type
Closed Fixed Rate
Closed Variable Rate
Current Mortgage Balance
Current Mortgage Rate
%
Number of Months Remaining in Term
Posted Mortgage Rate
%
Original Mortgage Principal Balance
Requested Partial Prepayment Amount
Total Dollar Amount of Prepayments Made Since January 1st
Penalty Type
Penalty Amount

Other Options to Consider:

  1. Have you considered the impact of maximizing your mortgage prepayment privileges will have on the calculation of your mortgage penalty calculation? Contact your local branch or the Alterna Contact Centre for more information.
  2. If you are planning to refinance your current mortgage with Alterna have you considered blending your current rate with today’s going rates to avoid paying a penalty? Contact your local branch or the Alterna Contact Centre for more information.
  3. If you are planning to move, have you considered porting your mortgage terms with you to your new property in order to reduce your penalty or avoid paying a penalty? Contact your local branch or the Alterna Contact Centre for more information.
  4. If you are converting from a Closed Variable Rate Mortgage to a Closed Fixed Rate Mortgage, you can avoid paying a prepayment penalty if the term on the new mortgage is the same or greater than your existing mortgage.

Disclaimers:

  1. All mortgage penalty calculations are only valid on the date the calculation was performed.
  2. All mortgage penalty calculations are subject to validation by Alterna.
  3. A change in the posted mortgage rates can impact the calculation of your mortgage penalty.
  4. In addition to the above mortgage penalty a discharge, transfer out of assignment fee may apply. Contact your local branch or the Alterna Contact Centre for more information.
  5. If your current mortgage is a CashBack mortgage you may be obliged to payback all or the unamortized (pro-rated) portion of the original amount of CashBack you received at the time your CashBack mortgage was originally advanced. Contact your local branch or the Alterna Contact Centre for more information.