Every anniversary year, the prepayment privilege of 20% resets. This means you can make up to 20% prepayment without incurring any fee
The penalty is the higher of the profit rate differential OR three months profit
The prepayment penalty is greater of:
The prepayment penalty is based on:
3 Months of profit is calculated based on taking the outstanding principal balance and multiplying it by the current mortgage rate, multiplying it by 0.25 (3/12) to account for three months
PRD is calculated based on the difference between the mortgage interest rate on your contract and the posted interest rates on the requested payout date. If the posted rates change, the PRD calculation will also change
Scroll to top
This calculation is an estimate based on the accuracy and completeness of the information you have entered and is provided to you for illustrative and general information purposes only. This calculation does not mean you have been approved by EQRAZ. EQRAZ does not make any express or implied warranties or representation to any information or results in connection with the calculation. EQRAZ will not be liable for any losses or damages arising from any errors or omissions in any information or results, or any action or decision made by you in reliance on the calculation. When you submit an application, the profit rate may have changed or may be different depending on EQRAZ’ review of your application in its sole, absolute, and unfettered discretion. Additional conditions may apply.