Tools
What would paying extra save you?
Small extra payments add up. See the interest you'd save on your Ontario mortgage and how much sooner you'd be mortgage-free.
Enter the rate you've been quoted. Not an offer.
Check your prepayment privileges first
Enter an interest rate to see the result.
How this tool works
- The rate stays the same for the whole amortization (Canadian fixed-rate convention, compounded semi-annually).
- The lump sum is paid once a year, at each anniversary.
- Every mortgage limits penalty-free prepayments (the privileges in your contract). Paying more than they allow can trigger a penalty.
Rules checked 2026-10-23. Estimates only, not an offer or advice; a licensed broker confirms the numbers and every mortgage is subject to lender approval. Everything is calculated in your browser. The amounts you type are never sent to us.
Questions about the prepayment savings tool
Is it better to prepay or invest?
It depends on your rate, your taxes and your other goals, which is a question for your financial advisor. This tool shows only the mortgage side.
How much can I prepay without a penalty?
It depends on your lender and product: usually a yearly lump sum as a percentage of the original amount plus a payment increase. Check your mortgage documents.
Does accelerated bi-weekly do the same thing?
Yes, in effect: it adds about one extra monthly payment a year, which shortens the amortization.
More tools: Renewal vs switch · Compare your offers · Fixed vs variable over time · Offer check · Payment shock at renewal
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