Mortgage prepayment charge calculator

Pay off your mortgage faster. Find out what it may cost to pay all or part of your closed mortgage before the maturity date, so you can make informed decisions about prepayment.

Let's calculate your prepayment options

If you decide to pay all our part of the mortgage before the term ends, you may need to pay a prepayment charge to the lender. Prepayment charge details are defined in your mortgage agreement. If your mortgage term is longer than 5 years, the calculator estimates apply only during the first 5 years of that term.

Refer to your mortgage documents to find the information you need for this calculator. You can also sign on to CIBC Online Banking® or call us at 1-888-264-6843. In Quebec, call 1-800-813-1833.

Do you want to pay all or part of your mortgage?

Prepayment charges may apply when you:

Renew, refinance or pay off your mortgage mid-term
Prepay more than your annual prepayment privilege amount
Transfer your mortgage to another lender

Step 1 of 4

What type of mortgage do you have?

Your mortgage type helps determine how we calculate your prepayment charge: interest to maturity, 3 months' interest or interest rate differential (IRD).
Step 2 of 4

What are your mortgage payment details and term?

Original principal amount in dollars.

Current mortgage balance in dollars.

Your mortgage balance is the amount you have left to pay your lender. It doesn't include future interest payments.

Maturity date

The maturity date is when your mortgage term ends. This is when you either renew your mortgage for a new term, if your lender agrees, or pay it off completely.

Payment frequency

Payment frequency is how often you make a mortgage payment: monthly, semi-monthly, biweekly or weekly.

Mortgage payment in dollars.

Enter the regular principal and interest payment amount you're required to make on your mortgage loan. Don't include amounts for insurance or taxes, or any extra amounts you pay to reduce your principal faster.

Enter a value between $1 and $1,000,000,000.

Enter a value between $1 and $1,000,000,000.

Enter a mortgage maturity date that's within the next 10 years.

Enter a value between $1 and $1,000,000,000.
Step 3 of 4

What's your annual prepayment privilege percentage and how much do you want to prepay?

If you have a cash back mortgage, how much cash back did you receive? (optional)

Planning to pay off your entire mortgage early? You may be required to repay the cash back amount you received.

Annual prepayment privilege as a percentage

Select the percentage of your original principal amount that you can prepay in a calendar year without paying a prepayment charge.

Based on the information you provided, your annual prepayment privilege is: $0.00

Prepayment amount in dollars.

Cash back amount in dollars.

With a cash back mortgage, you get the mortgage principal and a percentage of the mortgage amount in cash. The interest rates on these mortgages are higher than on some other mortgages. You may want a cash back mortgage if you need money for expenses such as new furniture or repaying loans to cover closing costs.

You pay charges only on the amount over your prepayment privilege, as outlined in your mortgage agreement.

Amount you want to prepay must be between $1 and $10,000,000 (amount must be less than your outstanding balance).

Enter a value between $0 and $10,000,000.
Step 4 of 4

What's your interest rate?

Interest rate as a percentage

Interest is the money you pay to your lender for using the funds you borrow.

What's your rate discount?

If it's a CIBC Better Than Posted Mortgage and within the promotional period, enter the interest rate discount off the promotional rate. If not, enter the discount off the ongoing interest rate.

Rate discount as a percentage
Enter a value between 0% and 99.999%. If you don’t know your rate discount, check your annual statement or call us at 1-888-264-6843. In Quebec, call 1-800-813-1833.

Enter a value between 0 and 99.999.

Enter a value between 0% and 99.999%.

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Mortgage type

Partial payment details

Original principal amount

Prepayment amount

Annual prepayment privilege

Based on the information you provided, your annual prepayment privilege is
$0.00

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Mortgage details

Current mortgage balance

Maturity date

Payment frequency

Mortgage payment

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Interest rate details

Interest rate

Rate discount details

Rate discount received

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Cash back details (optional)

Cash back amount

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Provide your information and we'll calculate your estimated prepayment charge.

My results

On , your estimated prepayment charge is *This includes any cash back you received.*

Remaining mortgage term	0 year(s), 0 month(s)
Amount exceeding prepayment privilege
Your prepayment privilege lets you pay in a calendar year, without paying a prepayment charge.
Prepayment charge only	*
CIBC Prime rate
Based on your information, your prepayment charge is the total interest remaining on your term at your current interest rate. Based on your information, your prepayment charge is equal to 3 months' interest. Based on your information, we used the interest rate differential (IRD) formula to calculate your prepayment charge. The interest rate differential (IRD) is one type of prepayment charge you may be required to pay to your lender when you pay all or part of the mortgage before the term ends. For most fixed-rate closed mortgages, the prepayment charge is usually 3 months' interest or the IRD, whichever is greater.
Comparison rate We calculate your prepayment charge using a comparison interest rate. It’s based on CIBC’s current posted rate for a mortgage with a term that's similar to the remaining term on your mortgage.	,

Edit calculations. Edit mortgage information. Edit interest rate information. Edit cash back information.

Additional costs may apply. For example: discharge, assignment or registration fees.

* The mortgage prepayment calculator results are based on the information you provided and are for illustrative and general information purposes only. This calculator is not intended to provide specific financial or other advice, and should not be relied upon for this purpose. The actual prepayment charge may differ from the estimate provided. For purposes of determining the prepayment charge applicable to your mortgage, the data taken from the accounts and records of CIBC will constitute conclusive evidence of such data.

If you have a CIBC Home Power Plan, then this calculation only applies to the mortgage loan portion of the account.

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Enjoy cash back when you switch your mortgage to CIBC.

Learn more about getting cash back when you switch your mortgage to CIBC.

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Frequently asked questions

How does the mortgage prepayment charge calculator work?

What information do I need to use the mortgage prepayment calculator?

What is a prepayment charge and when does it apply?

What’s the difference between an open and closed mortgage?

What’s the difference between a fixed-rate mortgage and a variable-rate mortgage?

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Mortgage prepayment charge calculator

Let's calculate your prepayment options

Pay all

Pay all of my mortgage

Pay part

Pay part of my mortgage

What type of mortgage do you have?

What are your mortgage payment details and term?

What's your annual prepayment privilege percentage and how much do you want to prepay?

If you have a cash back mortgage, how much cash back did you receive? (optional)