• 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 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.