Honest break-even math. We include penalty, legal fees, and time-to-recover so you can decide based on real numbers.
This calculator uses the simpler three months' interest penalty—the standard for variable-rate mortgages and a fallback for fixed-rate at most monoline lenders. If you're with one of the Big 5 banks on a fixed-rate mortgage, your actual penalty will likely be the Interest Rate Differential (IRD), which is typically much higher.
Big-bank IRD calculations are notoriously punitive. Before you refinance with a bank-fixed mortgage, get the exact payout amount from your lender in writing. We'll model the real number for you and tell you honestly whether breaking still makes sense.