• If interest rates fall, should you "break" your mortgage and go for the lower rate?
• What will you save if you prepay?
• What are the costs and savings of a shorter or longer amortization period, or a higher or lower interest rate?

Our calculator answers these questions!

(Calculator | Tips | Definitions | Application Notes)

Your Information

(Modify the values presented below according to your needs)

About Your Current Mortgage

Mortgage, Remaining Term		months
Mortgage, Monthly Payment	$
Mortgage, (annual) Interest Rate		% p.a.
Mortgage, Remaining Amortization Period		months years
or
Mortgage, Outstanding Balance	$

About Your New Mortgage

Months of Interest Penalty for Breaking Mortgage		months
or
Dollar Value of Penalty to Break Mortgage	$
Desired Lump Sum Payment to Reduce Mortgage	$
New Mortgage, (annual) Interest Rate		% p.a.
New Mortgage, desired Amortization Period		months years
or
New Mortgage, desired Monthly Payment	$

Your Result

For Your Current Mortgage

Current Outstanding Mortgage Balance	$
(Assuming a known amortization period.)
Current Amortization Period		months
(Assuming a known mortgage balance.)
How much interest will you pay this month?	$
Total Dollar Amount of Penalty:	$
New Mortgage Balance to be Financed	$
For Your New Mortgage
New Monthly Payment:	$
(Assuming the desired amortization period)
Compared to the old payment, how much will you save/lose per month?	$
How Much Will You Save/Lose over Remaining Term?	$
New Amortization Period:		months
(Assuming the desired monthly payments)		years
How Many Months of Payments will You Save/Lose?		months
		years

We offer this calculator as a self-help tool for your use. The information is not meant to replace professional financial advice. We cannot guarantee that this calculator will apply or be accurate in your situation. All calculations are examples only.

* We wish to thank York University Professor Moshe A. Milevsky, and researchers at the Individual Finance and Insurance Decisions (IFID) Centre, a non-profit corporation, housed at the Fields Institute in Toronto, for developing the content of this calculator.