Mortgage Penalty Calculator
The Mortgage Penalty Calculator helps you estimate the fees associated with breaking a fixed-rate mortgage before the term ends. By entering your remaining loan balance, interest rate, and time left, you can understand the potential cost of switching or refinancing.
Frequently Asked Questions
Why do mortgage penalties exist?
Lenders charge penalties to recover interest lost when a borrower breaks a fixed-term mortgage early.
How is the penalty calculated?
This calculator estimates penalties based on the remaining balance, interest rate, and number of months left in the term.
Is this an exact amount?
No, it's an estimate. Your actual penalty may include administrative fees or be calculated differently depending on your lender’s policy.
When should I consider breaking a mortgage?
If interest rates drop or you plan to move or refinance, breaking a mortgage might save money in the long term—if penalties are manageable.
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