Printable penalty report
Enter your balance, rate and time left. We compare three months’ interest with the IRD, take the larger, and lay it out as a report you can print or save as a PDF for your lender.
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What the report shows
Canadian lenders charge the greater of two amounts on a fixed-rate mortgage that is broken early: three months’ interest, or the interest rate differential (IRD). Variable-rate mortgages usually charge three months’ interest only.
Penalty = max(three months’ interest, IRD)
The report lists each input, both methods and the figure that applies, so you can check it line by line.
Before you ask for a payout
- Ask your lender for the written payout statement and the exact IRD method it uses.
- Check whether your annual prepayment privilege can cover part of the balance first.
- Compare porting, blend-and-extend and a switch: they may cost less than a penalty.
This report is an estimate, not a quote from your lender. It is not financial advice.
Frequently asked questions
What is the difference between this report and the penalty calculator?
They use the same engine and inputs. The report adds a dated, printable layout that shows each step of the calculation.
Is my information saved?
No. Figures are calculated in your browser and nothing is sent to us. Printing or saving the report stores a copy only on your device.
Can my lender use this report as the official penalty?
No. It is an estimate. Only your lender’s written payout statement sets the amount you must pay.
Related calculators
Same engine, same rules, different question.