Mortgage Prepayment Charges at a Glance

Mortgage pre-payment penalties can appear to be confusing; but we have made it easy! Below you will find several resources, including a mortgage prepayment calculator, to help you make informed decisions specific to your financing needs.

So let’s get started!


In the attachment below we have provided a mortgage glossary of commonly used mortgage terms, mortgage type comparison, ways you can pay off a mortgage faster without having to incur a prepayment charge, how prepayment charges are calculated and options available that would not require any prepayment charge to be collected.

What You Need To Know About Mortgages & Mortgage Prepayment Charges (68 kb)

Now that you have a better understanding of mortgage prepayment charges, the Mortgage Prepayment Charge Calculator can be used to obtain an approximate prepayment charge that would be applicable as of today's date to assist you in your financing decisions. You will also be able to change the information you enter such as, prepayment amount, or the remaining term, so you can see how these changes can affect a prepayment charge as of today’s date.

Information You Will Need to Use the Mortgage Prepayment Charge Calculator

You may want to have the following information on hand before using the calculator:

  • Mortgage Contract
  • Cost of Borrowing Disclosure Statement
  • Repayment Terms Confirmation Letter (mailed to you after the closing date)
  • Most recent Renewal Agreement
  • Your Annual Mortgage Statement

You can also find current information through Scotia Online

Mortgage Prepayment Charge Calculator

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