Lump-Sum Prepayment Calculator
See the impact of a one-time prepayment on your Canadian mortgage. Find out how many years and how much interest a single lump sum saves you.
Most Canadian closed mortgages allow 10–20% in prepayments per year without penalty. Check your lender's specific privileges before sending a lump sum.
Interest saved
$42,640
Pays off 1.8 years (21 months) sooner.
Assumes the lump sum is applied today and your monthly payment stays the same. Canadian semi-annual compounding is used.
The information presented on HousingPortal.ca is intended for general illustrative purposes only. While the information is believed to be reliable, it cannot be guaranteed for accuracy, completeness, or currency. Neither HousingPortal.ca and its employees, nor any other party identified in this guide/report, assumes any liability for the information provided. The views and opinions expressed by the analysts at HousingPortal.ca are their own and should not be considered as investment advice. It is recommended that you seek the advice of a licensed real estate professional before making any decisions regarding real estate investments.