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Use our prepayment charge calculator to estimate the prepayment charge that would apply to your mortgage loan if you made a full or partial prepayment today.
RFA Bank of Canada Mortgage Prepayment Calculator
Use our mortgage prepayment charge calculator to estimate the prepayment charge that would apply to your mortgage loan if you made a full or partial prepayment as of today’s date.
Would You Like to Make a Full or Partial Prepayment?
Enter your original mortgage loan amount, not your current mortgage loan amount.
Maximum Annual Prepayment Privilege
From the dropdown menu, select the percentage of your original mortgage loan amount that you can prepay without paying a prepayment charge. You can find this information in your mortgage loan documentation.
Enter the total amount of prepayments you have already made towards your mortgage this year.
Enter the amount you wish to prepay. Prepayment charges apply to the portion of the prepayment that is in excess of your annual prepayment privilege.
Do You Have a Solutions Mortgage?
To determine if you have a Solutions mortgage, please refer to your mortgage loan documentation.
Do you have an Alternative Mortgage?
To determine if you have an Alternative mortgage, please refer to your mortgage loan documentation.
Term Maturity Date
Enter the maturity date of your mortgage. This is the date that the term ends. This is not the date you expect to have the mortgage paid off in full. You can find this information in your mortgage loan documentation.
Enter the interest rate that you received on your current mortgage. You can find this information in your mortgage loan documentation.
Enter the outstanding balance that you still owe on your mortgage (not the original amount that you borrowed).
The RFA Bank of Canada Mortgage Prepayment Charge Calculator is for demonstration purposes only. Prepayment charge results are based on the information you provide and are estimates only. The actual prepayment charge may differ. To obtain the amount of the exact prepayment charge and other fees which may be applicable, please contact Customer Service. If you have a Street Loyalty mortgage that bases its IRD calculation using the applicable Government of Canada bond rate, please contact us. Actual mortgage rates may fluctuate and are subject to change at any time.
Please click here for additional mortgage prepayment information.
The comparison interest rate is RFA Bank of Canada’s current posted interest rate for the term that is comparable to the time remaining on your mortgage.
You may be subject to an additional Reinvestment Fee. Please reference your mortgage documentation or contact us for more information.
To learn more about how prepayment charges are calculated please click here.
Have questions about your payments? Call us between 8am-8pm ET at 1.877.416.7873 or request a call.
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Competitive
mortgage rates
Rates effective May 15, 2025, at 12:01 AM ET.
RFA Bank of Canada Prime Rate – 5.95%
Bank of Canada Benchmark Rate – 7.20%
Check out our everyday low mortgage rates.
- RFA Bank of Canada posted rates are provided for information only and are not guaranteed for any particular product.
- Additional fees, premiums and/or restrictions may apply.
- Interest rates, terms and products are subject to RFA Bank of Canada's credit granting criteria and may change at any time without notice.
- RFA Bank of Canada Prime Rate is the annual rate of interest that is established by RFA and may change at any time at our discretion.
- Changes in RFA Bank of Canada Prime Rate will result in a plus or minus adjustment in the adjustable interest rate offered through an Adjustable Rate Mortgage.
- Interest rates are calculated semi-annually, not in advance