Mortgage Prepayment Charge Calculator

Please answer the following questions to help us calculate your mortgage prepayment charge.

I want the estimated costs to:

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How much are you planning to prepay?

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Original amount of your mortgage?

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Current balance of your mortgage?

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Do you have a fixed or variable rate?

Fixed Variable

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How many months are remaining on your current term?

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What is your current interest rate?

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If you have a fixed rate mortgage, what discount were you given to get this rate?

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If you have a variable rate mortgage with a cap rate, what is your cap rate?

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How much cashback did you receive at the beginning of the current term, if any.

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When did you first take out your mortgage?

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Cashback Repayable amount: $50.00.

The maximum annual partial prepayment amount without incurring a prepayment charge is $45,000**.

Based on the information provided the estimated prepayment charge to prepay payout* your mortgage is 3 months interest at the current mortgage rate of $3,000.

The calculated results are based on:

You wanted to prepaypayout your mortgage

Original Amount of the Mortgage

$300,000

Current Mortgage Balance

$300,000

Rate Type

FixedVariable rate

Term

6 months

Amount of Partial Prepayment

N/A

Remaining Term

2 months

Current Interest Rate

4.000%

Interest Rate Discount You Received on Current Term

N/A N/A2.000%

Variable Rate Mortgage - Cap Rate

N/A N/A2.000%

Cashback Amount Received

$2

For an Interest Rate differential calculation:

Comparable Term - Closest Remaining Term

N/AN/A6 months

Current Posted Rate for Comparable Term

N/AN/A4.750%

Discount Received Applied to Current Posted Rate

N/AN/A-2.000%

Comparable Interest Rate

N/AN/A2.750%

Interest Rate Difference

N/AN/A1.250%

Disclaimer

The prepayment charge result is an approximate amount for information purposes, valid for today only. The prepayment charge results are not applicable if your mortgage falls into any of the following categories:

- Your mortgage was funded under a specialty program, for example, Progress Draw Construction mortgage.
- Your current term began prior to January 2010.

Where the prepayment charge is an interest rate differential, the calculator tool estimated tool results will be in most cases be a higher amount than the actual prepayment charge. For the exact prepayment charge and the costs associated with breaking your mortgage contract before the end of your current term, please contact your servicing branch.

**For payment in full, you will also be required to pay a fee for preparation and execution of the discharge or transfer document and a government registration fee.

**For partial prepayments, this tool applies a standard prepayment allowance of 15% of the original principal balance of your mortgage per year when calculating the prepayment charge. Your actual prepayment allowance will depend on the mortgage solution you selected for the current mortgage term and any partial prepayments you have already made this year. Each year is defined as the 12 month period starting on your term start date, your renewal date or the anniversary of that date. Please refer to your mortgage documents for details of your prepayment options.

For additional information about prepayment charges and the factors that are used in the calculation, please visit http://www.scotiabank.com/prepaymentcharges

Mortgage Prepayment Charge Calculator

Please answer the following questions to help us calculate your mortgage prepayment charge.

Disclaimer

Error

The calculated results are based on:

For an Interest Rate differential calculation:

Disclaimer