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How much will I owe to pay off my mortgage on a specific date?

Selling, refinancing or paying it off? Estimate what you will owe on the day, including daily interest, any penalty and fees, so the payout statement holds no surprises.

Your mortgage

Balance right after your most recent payment

From your statement or banking app.

Date of that payment

Date you plan to pay it off

Usually your closing or funding date.

Your interest rate

Example value. Enter the rate on your mortgage.

Rate type

Payment frequency

Regular payment amount

Example value. The amount of each regular payment, before any property tax portion.

Prepayment penalty

Penalty

Penalty quoted by your lender

Your mortgage maturity date

On your statement or renewal letter. Used to count the months left in your term on the payout date.

How your lender calculates the IRD

Posted rate when you signed

Example value. On your mortgage commitment.

Lender's posted rate today for a term close to your time left

Example value.

Lender's current rate for a term close to your time left

Example value.

Fees

Discharge fee

Example amount only. Each lender sets its own; check your contract or ask.

Lender admin or payout statement fee

Some lenders charge for the payout statement or for processing. Enter it if yours does.

Legal fee for the discharge

If you are selling or refinancing, your lawyer usually handles the discharge as part of their overall bill. Leave 0 if you count it elsewhere.

Other amounts owed to the lender

For example a cashback that must be repaid, a reinvestment fee or arrears.

More options

How interest compounds

Your contract states this. It affects how interest is split within each regular payment.

IRD formula

Prepayment privilege deducted before the penalty

Some contracts calculate the penalty on the balance minus your unused annual prepayment amount. Leave at 0 if unsure.

Rate used for three months' interest (optional)

Leave blank to use your own rate. Some lenders use prime or another contract rate.

Your estimate

What this calculator answers

Your mortgage balance is not what you will pay to close it out. Between your last payment and the payout date, interest keeps building every day. If the mortgage is closed and not yet at maturity, there is usually a prepayment penalty, and most lenders charge a discharge fee to remove their mortgage from your title.

This calculator adds those pieces up for the date you choose so you can plan your sale proceeds or refinance. It is an estimate to plan with: the official number comes from the payout statement your lender issues for that date.

How the calculation works

Starting from the balance right after your most recent payment, each regular payment that falls due before the payout date is applied: interest for the period first, the rest to principal.
From the last payment date to the payout date, interest accrues daily: principal x annual rate / 365 x days. This is the per diem most payout statements show.
The penalty can be zero (at maturity, open mortgage or porting), your lender's quote, or an estimate: the higher of three months' interest or the interest rate differential for fixed rates, and three months' interest for variable.
Total payout = principal on the payout date + accrued interest + penalty + fees.

Assumptions and limits

Payments are assumed to be made on time and in full; missed or extra payments change the result.
The discharge fee default is an example. Each lender sets its own fees. Check your contract or ask your lender.
Penalty methods vary by lender and are set by your contract. The estimate counts whole months left in your term.
Some lenders charge interest up to and including the payout date, or apply funds received after a cut-off time on the next business day. That can add a day or more of interest.

Common questions

Why is my payout higher than my balance?

Because interest has built up since your last payment, and the payout statement adds any penalty and fees. On a $350,000 mortgage at about 5%, a single day of interest is close to $50.

Who orders the payout statement?

When you sell or refinance, your lawyer normally orders it from your lender and pays the mortgage out from the proceeds. If you are paying it off yourself, call your lender or use their online service and ask for a statement for your exact date.

How can I avoid the penalty?

Paying out on your maturity date, having an open mortgage, porting the mortgage to your next home, or taking a new mortgage with the same lender can avoid or reduce it, depending on your contract. Ask before you sign anything.

What if my closing date moves?

Change the payout date here to see the effect. On the real statement, the per diem tells you how much more you owe for each extra day.

Will I get my property tax account back?

If your lender collects property tax with your payments, any balance in that account is usually refunded or adjusted at payout. It is not included in this estimate.

Sources

FCAC: prepayment penalties (rules checked 2026-10-31)
Interest Act, section 6 (rules checked 2026-10-31)