My mortgage was funded before May 16th, 2021?

Making prepayments is a great way to pay less interest over the lifetime of your mortgage. If the term is closed to prepayment, then there may be a charge if you've prepaid more than 20% of the original principal in any one year. Use this calculator to find out what your estimated prepayment charge will be today. Subject to change.

The terms for prepayment charges are defined in your mortgage agreement. Please review for further clarity regarding calculation. If the term of the mortgage is longer than 5 years, any excess prepayments made after the 5th year will incur a charge calculated using 3-month interest.

The calculation you receive by visiting a branch and speaking to your banker will be more precise and your actual prepayment charge may be higher or lower than the estimate you get using this calculator. If you’d like us to provide the exact amount of your prepayment charge, contact your branch or call us at:

Alterna Savings: 1.877.560.01001.877.560.0100
Alterna Bank: 1.877.560.01201.877.560.0120

What kind of prepayment do you want to make?

The following documents will help you with providing the required inputs: Mortgage Loan Agreement or Mortgage Commitment and your Mortgage Renewal Agreement

Tell us about your existing mortgage by selecting the most appropriate option:

Your mortgage type helps determine how we calculate your prepayment charge: 3 month's interest or interest rate differential (IRD)

Closed Fixed Rate Mortgage

The prepayment charge is the greater of either:

  • three months interest amount, or
  • an Interest Rate Differential (IRD) amount. The IRD amount is the different between the principal amount you owe at the time of prepayment and the principlal amount you would owe using a similar mortgage rate. A similar mortgage is one we offer today with a term that is closest to the remaining term of your mortgage loan. The similar mortgage rate is the interest rate for a similar mortgage minus any rate discount you received for your mortgage loan.

Closed Variable Rate Mortgage

  • three months interest amount

Open Mortgages

  • Open to full or partial repayment at any time with no penalty

Lets calculate what your prepayment charge may be.

Enter a value between 0% and 99.999%. If you don't know your rate discount call us at: 1.877.560.01001.877.560.0100
If you do not know contact: 1.877.560.01001.877.560.0100
Enter a value between 0% and 99.999%. If you don't know your rate discount call us at: 1.877.560.01001.877.560.0100
If you do not know contact: 1.877.560.01001.877.560.0100

Lets calculate what your prepayment charge may be.

Mortgage Type

Payment details

Enter a value between 0% and 99.999%. If you don't know your rate discount call us at: 1.877.560.01001.877.560.0100
If you do not know contact: 1.877.560.01001.877.560.0100
Enter a value between 0% and 99.999%. If you don't know your rate discount call us at: 1.877.560.01001.877.560.0100
If you do not know contact: 1.877.560.01001.877.560.0100

My Results

On , your estimated prepayment charge is:

Remaining mortgage term:
Amount exceeding prepayment privilege:
Your 20% prepayment privilege lets you pay in a calendar year, without paying a prepayment charge.

Please fill out the form fields to the left to view your prepayment penalty.

Are there other fees I should be aware of?

It's important to note that additional fee(s) may be charged when making a prepayment or discharging your mortgage. These fees may include:

  • A Discharge Fee

    This is an administration fee for preparing discharge request

  • An Assignment Fee

    Transfer of mortgage to another Financial Institution


    Please note provincial registration fees may apply as well.