Optimum Mortgage prepayment calculator

 

Optimum Mortgage prepayment calculator

Thinking of making a prepayment? If you have an active CWB Optimum Mortgage, use this calculator to understand the costs involved.

Mortgage type:
The remaining balance, or principal, to be paid on your mortgage as of today's date. See the Principal amount as at [the current year] field on your annual statement for an approximate value for this field.
$
The date you anticipate paying down the full value of your mortgage.
The date your current mortgage term ends. E.g. You are approved for a 5-year fixed rate mortgage on September 1, 2025; your mortgage maturity date is September 1, 2030.
This is the number of months left in your mortgage term, rounded to the nearest year. Use this term to determine today’s posted rate below. Note that the posted rate used for the prepayment calculation is the posted rate for a term equal to the similar remaining term.
%
The percentage added to the prime rate on the date your mortgage was funded. See the variable interest rate line of the cost of borrowing disclosure statement that was sent to you following the migration.
%
Indicate the current posted rate from National Bank applicable to the similar remaining term specified above. This posted rate is available on our website at www.nbc.ca in the Mortgage section.
%
Indicate the current National Bank prime rate available on our website at www.nbc.ca in the Mortgage section.
%
Your Results
Intermediate calculations
Based on the information you provided about the remaining term, the closest applicable posted rate is 0.00% for a 0-year term.
Three months’ interest:
$0.00
Interest rate differential prepayment charge:
$0.00
The difference between the interest rate that applies to your mortgage and the interest rate applicable to a similar mortgage, multiplied by the outstanding mortgage amount and the number of months remaining in the term of your mortgage, which is divided by 12 months.
1% of the outstanding mortgage principal balance:
$0.00
Results
The prepayment charge for a fixed rate mortgage is the greater of three months’ interest or the interest rate differential plus 1% of the outstanding mortgage principal balance.
Prepayment charge for your mortgage:
$0.00
An error occurred.

The data generated by this tool is for estimation purposes only and is based on the information you provided. They do not in any way constitute a legal or contractual obligation to National Bank. Certain conditions apply.

The client agrees to have their personal situation in relation to any product described in these pages verified and analyzed with their accountant, tax expert, and a National Bank advisor.

Your Results
For a variable rate mortgage, you must, pay three months’ interest, plus 1% of the outstanding mortgage principal balance.
Three months’ interest:
$0.00
1% of the outstanding mortgage principal balance:
$0.00
Prepayment charge for your mortgage:
$0.00
An error occurred.

The data generated by this tool is for estimation purposes only and is based on the information you provided. They do not in any way constitute a legal or contractual obligation to National Bank. Certain conditions apply.

The client agrees to have their personal situation in relation to any product described in these pages verified and analyzed with their accountant, tax expert, and a National Bank advisor.

Little details that matter

This tool allows you to obtain an estimate of the amount of the charges payable following a prepayment of your mortgage loan. The data generated is an approximation only and does not create a legal or contractual obligation for National Bank. In the event of the prepayment of your loan, National Bank will provide you with the details of the exact amounts payable. For any questions, contact a customer service representative at 1-866-441-3775.

The client agrees to have their personal situation in relation to any product described in these pages verified and analyzed with their accountant, tax expert, and a National Bank advisor.   

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