Demo ModeSample profile only — sliders and estimates are illustrative. Join Beta to run the calculator on your own audited commitment.

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Sandbox demo — penalties and scenarios use the ABC Bank sample audit.

Viewing offer from Smart Comparison: Doe_John_StandardCharge_Ontario_2024-03-14.pdf

From your audit (read-only)

Linked to Smart Comparison: Doe_John_StandardCharge_Ontario_2024-03-14.pdf

Lender

ABC Bank

Principal

$485,000

Contract rate

5.79% p.a.

Rate type

Fixed

Remaining term (contract)

60 mo total → 60 mo at slider

Charge type

Standard

Scenario (most common order)

Apply annual prepayment privilege (Lump Sum)Manual request required (Caution)Ontario retail pattern: privilege reduces principal for IRD only after the lender confirms posting—treat online payment receipts as helpful, not final, until the mortgage balance statement says so.

CAD(Year 1 limit)

When do you exit? (months passed in term)

0 mo

Remaining months for IRD: 60 (of 60 mo term)

Current market rate (% p.a.)

Assume no rate change

Benchmark matches your contract rate (5.79% p.a.); IRD spread is zero unless a posted-rate floor applies.

Toxic Floor Clause applied

The floor (2.75%) drove the penalty above the better of 3-month interest and IRD. Extra cost vs max(A,B): $6,317

Total exit cost

$14,333

Dominant penalty: C (Floor)

Penalty A (3-mo interest)

$7,020

Penalty B (IRD)

Penalty C (floor % on principal)

$13,338

Discharge + admin

$995

Model: MAX(A, B, C) + discharge + admin (Clause 8 estimates). Not legal advice — confirm with your lender.