Prepayment Calculator

(for loans approved prior to January 01, 2016)

Please enter your prepayment information to calculate your prepayment charge.

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Please enter only whole numbers for Years and/or Months.
If the value for Years or Months is zero please have 0 entered in the appropriate field.

Calculate

Your Prepayment Charge is :


The prepayment charge shown is an estimate and is valid for today only because it is based on certain assumptions that may or may not apply in every situation. For example, the calculator assumes that all scheduled mortgage payments are current as of today.
The prepayment charge shown is based on Equity Financial Trust Company’s currently posted interest rates, as of today’s date. If the currently posted interest rates change, your estimated prepayment charge may also change.
There may be other fees that you must pay in addition to the prepayment charge if you choose to repay your mortgage before the end of the term. For example, you will be required to pay a Discharge Administration Fee.
To find out your exact prepayment charge, contact Equity Financial Trust Company at 647.277.0051 or 1.855.272.0051.


If your term remaining is: Then the current posted interest rate used in the prepayment charge calculation is: Equity Rates
1-17 Months 1 Year 3.14%
18-29 Months 2 Year 3.04%
30-41 Months 3 Year 3.65%
Greater than or equal to 42 Months 5 Year 4.64%

Mortgage Resources


Read the Understanding Your Mortgage guide to
understand mortgage terminology, how the prepayment charge is calculated and the consequences of prepaying a mortgage. Download the brochure.

To learn more about consumer mortgage loans, please visit the Financial Consumer Agency of Canada. For additional questions or help using the Equity Mortgage Prepayment Calculator, call 647.277.0051 or 1.855.272.0051

How prepayment charges are calculated

The prepayment charge that you will pay is the greater of:

Three months interest formula

P = Amount you want to prepay
I = Annual interest rate as a decimal Px I = Y
Y / 4 = Estimated three months interest

OR

Interest rate differential formula

I = Annual interest rate as a decimal
E = Equity’s currently posted interest rate for a similar mortgage
I – E = D (difference in interest)
P = Amount you want to prepay
M = Number of months remaining in your current mortgage term
(D x P x M) / 12 = Interest differential amount

Identify which current posted interest rate is used for your prepayment charge calculation by using the table.

The result from a prepayment charge calculation is an estimate and intended for illustrative and general information purposes only. For exact prepayment charge and other fees associated with paying off your outstanding balance before maturity or paying an amount greater than your allowed prepayment privilege, please call the Toll free number below.

If you prepay an entire mortgage balance, there are additional costs, which will apply and relevant information on these applicable fees can be found in your mortgage documentation or by calling the Toll free number below.

Toll free: 1-855-272-0051, Ext 4

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