RefinancePro

Use this when the user wants to know how much it costs to break or pay off a Canadian mortgage before the end of its term. Returns the lender-specific penalty: the greater of three months' interest and the interest rate differential (IRD) for fixed rates.

calculate_prepayment_penalty

Use this when the user wants to know whether breaking a Canadian mortgage early to get a lower rate saves money. Compares interest until the end of the current term at the current and new rates, subtracts the prepayment penalty and switching costs, and returns the net savings and break-even period.

calculate_refinance_savings

Use this when the user wants to see a visual report of a Canadian mortgage prepayment penalty and, if newRate is given, the net refinancing savings and break-even period. Takes the same inputs as the penalty and savings calculations.

show_savings_report