Mortgage Prepayment Calculator Tool
Information on Mortgage Prepayment
At Peoples Bank, we pride ourselves on being transparent in all situations. We offer you the flexibility to pay down your mortgage faster or to pay it off at any time. Before deciding on your mortgage solution, take a moment to review our prepayment options to ensure your mortgage suits your specific needs.
How much will it cost to prepay?
Enter your current mortgage information below to get an estimate of what your prepayment charge will be.
Mortgage type
Bond Yield rate closest to your remaining term: %
Your repayment summary
*If you have repayment penalties, please contact customer services at [email protected].
This calculator is for information purposes only and is intended to provide an estimate. It is not investment advice, and we cannot guarantee its accuracy. All outcomes from the use of the calculator should be considered hypothetical.
If you would like us to provide the exact amount of your prepayment charge or require further information, please contact us at:
| If your loan number starts with PS: [email protected] 1-866-297-7403 | For all other loan numbers: [email protected] 1-877-462-3788 |
Do you have questions?
Get answers to prepayment questions and learn how to calculate your mortgage options.
Fixed Interest Rate Mortgages – The mortgage prepayment calculator calculates an estimate for the prepayment charge using different variables, depending on the prepayment privilege applicable to the loan. For mortgages with annual prepayment privileges of up to 20% of the original principal amount, the mortgage prepayment calculator uses the greater of the Interest Rate Differential (IRD) or 3 months’ interest, both of which are calculated on the remaining amount of your mortgage. For fixed interest rate mortgages funded after July 1, 2025, with annual prepayment privileges of up to 10% of the original principal amount, the mortgage prepayment calculator uses the greater of three months’ interest, the Interest Rate Differential (IRD), or an interest amount equal to 1% per annum.
Adjustable Interest Rate Mortgages – The prepayment charge is calculated by using 3 months’ interest, which is calculated on the remaining amount of your mortgage.