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Mortgage Break Penalty Calculator
Calculate IRD vs 3-month interest penalty for breaking a Canadian fixed-rate mortgage early.
3-Month Interest Penalty
C$6,187.50
IRD Penalty
C$9,000.00
Likely Penalty (higher of two)
C$9,000.00
Type Applied
IRD
Big banks typically charge IRD (Interest Rate Differential), which can be very large. Monoline lenders often use 3-month interest.
Big banks typically charge IRD (Interest Rate Differential), which can be very large. Monoline lenders often use 3-month interest.