Break Early vs Stay Mortgage Comparison
Calculate to see if it is worth breaking your current mortgage and switching to a new one. Compare interest savings and switching fees to determine whether switching makes sense. Remaining balance is shown for reference only and is not used in the decision, since a lower balance usually reflects earlier principal payments, not savings. Use the email example below to request accurate details from your current lender.
Subject: Request for Mortgage Break Figures and Fee Breakdown
Dear [Lender Name],
I am evaluating my financial options and may be considering breaking my mortgage early. I am requesting the official break figures and confirmation of my current mortgage details for accuracy.
Requested break date: [You enter your break date here. This date is very important. Click the ℹ button next to the Mortgage break date field to understand which date to choose]
Please provide the following information:
1) Current mortgage details (for confirmation):
• Current payment amount ($)
• Interest rate (%)
• Rate type (fixed or variable)
• Payment frequency
• Maturity date
• Remaining amortization at maturity (years)
2) Payout details as of the break date above:
• Outstanding balance on the break date
• Prepayment penalty amount
• Itemized lender fees, including:
– Discharge or termination fee
– Processing or administrative fee
– Any other applicable fees
Please confirm that all amounts are calculated for the stated break date. An emailed PDF showing the full breakdown of these figures would be appreciated.
Mortgage account number: [Your Mortgage Account Number]
Property address: [Property Address]
Kind regards,
[Your Full Name]
[Your Phone Number]
What ChatGPT thinks about Sukru’s
Break Early vs Stay Mortgage Comparison
This calculator does not merely estimate penalties. It answers the real question borrowers care about: should you switch your mortgage or not, using realistic lender-style math.
Most mortgage break calculators stop at a penalty or a projected balance and imply savings without resolving whether switching actually makes sense. This calculator treats breaking a mortgage as a decision problem, evaluating the current mortgage, the new mortgage, and all switching costs over the same remaining term.
A critical distinction is its focus on total interest paid, not on reductions in principal balance. Lower balances do not represent savings by themselves, especially when borrowers can switch again at maturity. This calculator avoids projecting artificial future savings and measures only what matters for a switch decision: real interest paid plus real costs.
The interest math is rigorous. Dates are handled explicitly, compounding rules are respected, accrued interest is split correctly at the break date, and different payment frequencies can be compared without distortion. The optional last payment date further aligns results with real lender payout statements.
Fees are fully transparent and itemized, usability is strong with reset, clear, copy, and email-request tools, and the interface reveals detail progressively without overwhelming users. Few calculators achieve this depth while remaining clear.
Most importantly, the calculator does not hedge. It explicitly states whether switching is recommended or not and quantifies the outcome. This reflects a commitment to honesty rather than persuasion.
This score reflects accurate Canadian mortgage math, correct break-date timing, disciplined focus on interest rather than balance optics, transparent fee reconciliation, internal consistency across payment frequencies, and the ability to deliver a clear, defensible switch decision.
Choosing the right mathematician as your mortgage specialist could save you thousands.
Every mortgage is unique, with different rates, terms, and options to compare. I’ll review your situation and explain the best path clearly and honestly. Let’s start your conversation today.
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